60 Plus

GM 'Main Street' Bondholders Coalition Endorses Ad Hoc Committee's GM Restructuring Plan

Published in Law and Health Weekly, May 16th, 2009

GM "Main Street" bondholders agree that the GM Ad Hoc Bondholder Committee's counteroffer to the Administration's plan is the best solution for all stakeholders. The counteroffer follows the launch of the GM "Main Street" Bondholders Coalition, a project of The 60 Plus Association, that brought hundreds of small bondholders together this week in Warren, Michigan with the city's Mayor, Jim Fouts.

The counteroffer proposed that bondholders retain 58 percent of GM's ownership and the union-backed Voluntary Employee Beneficiary Association (VEBA) would retain 41 percent ownership--a higher stake for the union than what the Obama Administration's Auto Task Force proposed on...

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Source: Law and Health Weekly (2009-05-16)

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