The Ticker: GM Back in Bankruptcy Court Today
A group of bondholders opposing General Motors’ bankruptcy plan are in federal court today seeking “official” committee status. If successful, the group will hold more influence over the bankruptcy proceedings, potentially threatening the automaker’s government-backed plan to create a new, stronger GM in as little as 60 days. The official committee status also would mean the group — representing some 1,500 individual bondholders holding $400 million of the $-27 billion in unsecured loans to GM — will get their legal expenses covered by the automaker. Stay up to date on courtroom activity on the Live Twitter feed below. –Tomoeh Murakani Tse
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