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Automobile Magazine: “Group of Bondholders Objects to GM’s Bankruptcy Plan”

“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 court papers.

“The new GM could have been created fairly, in accordance with the law, transparently, and urgently, with a plan of reorganization,” it said. “It can still be done in that proper manner.”

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