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The bankruptcy of General Motors is expected to send a shiver of fear through financial markets today. The stricken American car giant will this morning file for protection from its creditors, who last night agreed to exchange their loans for new shares. Although widely expected, the move could undermine the tentative recovery seen on bond markets over recent months.
Originally posted by Piranha
Better go out and sell my GM I own. The price for that might drop also!
Bondholders have until 2 p.m. Pacific time Saturday to accept the deal. But, unlike in the earlier proposal, which required 90% of bondholders to accept before it could be implemented, there is no set percentage needed for the latest offer, the administration official said. The administration will make a "judgment call" when the offer expires and decide whether the participation is acceptable.