“Smaller, “retail” bondholders — individual investors like retirees and families — have also railed against the terms of the exchange. A retiree group called The 60 Plus Association has organized bondholder rallies across the country to protest GM’s offer. Both groups say the offer gives them too small a stake for the amount they are owed. When GM announced its debt exchange last month, the company offered bondholders 225 shares of common stock for every $1,000 in debt. That would leave GM bondholders with a 10 percent stake in the restructured company.”
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