Some movement with the GM bondholders:
As General Motors moved closer to a bankruptcy filing, possibly early next week, attention on Thursday turned again to the bondholders, the most important group that the company has yet to win over for its efforts to start fresh.
Early Thursday, G.M. proposed a deal in which bondholders would receive up to a 25 percent stake — a bigger share than G.M. offered the autoworkers union — if they do not oppose its bankruptcy reorganization, and then said that a group representing many of the largest bondholders had accepted the offer.
The proposal came as administration officials and G.M. began to discuss how the carmaker would look once it emerged from a court reorganization. The company is expected to seek bankruptcy protection by Monday, the deadline set by the Obama administration to restructure outside bankruptcy.
In a regulatory filing, G.M. set Saturday afternoon as the deadline for other bondholders to support the plan. In addition to the group supporting the G.M, plan, which represents about 20 percent of G.M.’s debt, people with knowledge of the discussions said a second group, with about 30 percent of G.M.’s debt, was in talks with the Treasury.
Sadly, this will probably mean the plaintive wails in the Clusterstock comments section will be less frequent, which is a shame. They were pretty solid entertainment.