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GM in Last Lap to Chapter 11
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THe GM restructuring that leaves the US and Canadian governments with control of 72.5% of the company, and unsecured bondholders with 10% of the company. The unsecured bondholders were offered warrants that could bring up their share of ownership to 20%, in return for forgiving $27 billion in GM debt. The UAW has the rest, 17.5% of the company, plus $6.5 billion in preferred equity and $2.5 billion in GM debt. The US government will commit $30 billion to GM in addition to the $20 billion already given to GM. ANd the Canadian government will give $9 billion. By taking a large share of the ownership of GM- at a time when the market for automobiles in the US is at 9.5 million vehicles and GM needs a 10 million automobile market to breakeven according to the restructuring plan- the government is implicitly taking on the responsibility for additional loans to GM till the market recovers.
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