GM Board Meets as Bondholder Deadline Passes

By: Associated Press Email
By: Associated Press Email

DETROIT (AP) - General Motors' board of directors has met for a second day.

It convened to make the final decision on whether the automaker will complete its restructuring by filing for bankruptcy protection Monday.

The outcome of the meeting could not immediately be determined. GM and the Treasury Department aren't talking.

GM's bondholders had a 5 p.m. deadline to accept an offer to swap their $27 billion in debt for at least a 10 percent stake in a new GM. If Treasury doesn't get the amount of support it wants, bondholders could wind up with far less in bankruptcy court.

The Treasury Department had no immediate comment on the deadline passing. A GM spokesman said the automaker did not plan to make any statements today.

GM has yet to confirm it will seek bankruptcy protection, but it has scheduled a news conference Monday morning in New York.

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