“This ‘private’ deal was struck in a back room, without any transparency, without any meaningful opportunity for the bondholders represented by the (unofficial committee) to participate in the process,” the group said in its objection filed in U.S. bankruptcy court in Manhattan.
The “unofficial committee” said that if the sale was approved, bondholders and unsecured creditors would face “disproportionate losses” on $27 billion in claims they have against the automaker.
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