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Bloomberg – “GM Reorganization ‘Blatantly Unfair,’ Bondholder Says “

GM Reorganization ‘Blatantly Unfair,’ Bondholder Says

“If we just look at the offer, we have the Treasury and the UAW forgiving $20 billion of debt and getting 89 percent of ownership, and the bondholders are forgiving $27 billion and getting 10 percent ownership,” Modica, a bondholder, told Bloomberg Television. “If anyone thinks that’s fair, they’re not a GM bondholder.”

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By admin – May 21, 2009

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