General Motors Fails To Raise Cash Needed - Bankruptcy Expected In Days

General Motors on Wednesday prepared to face the fallout from a failed debt exchange that sends the largest U.S. automaker closer to a bankruptcy filing expected by the end of the month.

GM bondholders had until midnight to trade $27 billion in debt for a 10-percent ownership stake in the reorganized company that U.S. officials have said could emerge from a quick trip through bankruptcy court.

As the deadline passed early on Wednesday there was no immediate word from GM on how much debt the offer had succeeded in retiring. The Treasury also had no immediate comment.


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Agent00R - 5/27/2009 12:09:32 PM

-1 Boost

Not even GM can stop the inevitable.

vwrules - 5/27/2009 9:47:17 PM

+1 Boost

Jeazz at this point we have lost so much money it does not matter anymore.