GM Exchange Offers for Outstanding Public Debt Expire
General Motors Corp. moved closer to bankruptcy today after it announced the failed deal with its bondholders to exchange their debt for equity in the company.
DETROIT - General Motors Corp. moved closer to bankruptcy today after it announced the failed deal with its bondholders to exchange their debt for equity in the company.
The bond exchange offer expired at 11:59 p.m. Eastern time Tuesday, and failed to reach the 90 percent participation required under the loan agreement with the U.S. Treasury Department.
GM had offered to exchange $27.2 billion in unsecured debt for 10 percent of the company’s stock. The offer translates into 225 shares of stock for every $1,000 in debt owed to bondholders. GM said in a statement no new offers would be offered to bondholders.
The failed deal puts more pressure on the automaker, which must restructure or file for bankruptcy by June 1, a deadline imposed by the Obama administration.
“Since these conditions, as well as certain other conditions, have not been satisfied, the exchange offers will not be consummated,” GM said. “The GM Board of Directors will be meeting to discuss GM's next steps in light of the expiration of the exchange offers.”
More F&I
Integrating Nontraditional F&I Products
The niche presents a strategic advantage for auto dealerships as they move to adapt to fast-changing consumer expectations in today’s market.
Read More →
Trust Is Personal
Technology, no matter how efficient, can’t replace what the human F&I manager can do, which is to bridge the divide between cyberspace and the in-store experience.
Read More →
Amplify 2026 Billed as Turning Innovation Into Results
Reynolds and Reynolds says its annual retail summit will connect dealers with practical strategies, peer insight, and technology-driven ideas.
Read More →
Own Your Outcome: F&I in the Digital Customer Journey
Finance has historically been the last step in the car-buying process, but it doesn’t have to be. The customer’s journey starts long before they arrive at the dealership, and so should F&I’s involvement.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Lifetime Battery F&I Product Meant to Drive Dealer Traffic
EFG Cos. offering is intended to create lifetime auto dealer engagement with customers.
Read More →
The Psychology Behind Menus That Increase Add-On Sales
There is a science to crafting a menu that gives customers confidence in the choices presented, and moving the process outside the F&I office can further boost results.
Read More →
Why Your F&I PVR Is Misleading You
Here’s a handy checklist of the numbers to track in 2026 instead.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →