Printer-friendly versionSend to friend

By Doug Cunningham

GM’s bond debt holders are supposed to decide by today whether or not to accept GM’s offer of ten percent of stock in return for roughly $27 billion in bond debt. UAW Local 1853 President Mike Herron says the bondholders have the power now to either keep GM out of bankruptcy or force it into bankruptcy.

[Herron]: “The UAW’s done a remarkable job doing their piece of this. The bondholders hold the key to this thing right now. And as we move closer to June first it’ll play out. And just pray for the best of everybody here as we move forward.”

June first is the government deadline for GM to have bond debt and union agreements in place for its restructuring plan to qualify for further government assistance to salvage the company.