GM bondholder deadline passes as bankruptcy looms (Reuters)

icon1 Posted by John in Articles on 05 31st, 2009 | no responses

A Chrysler worker exits the Chrysler Warren Truck Assembly Plant in Michigan. The US auto industry faces a day of reckoning Monday, with the looming bankruptcy of auto giant General Motors and an expected court ruling on the sale of automaker Chrysler to a group led by Italy's Fiat.(AFP/Getty Images/File/Bill Pugliano)Reuters - General Motors Corp finished a key piece of business on Saturday before a bankruptcy filing planned for Monday as the deadline expired for bondholders to accept an exchange offer brokered by the Obama administration.

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