• 28 May 2009 at 10:47 AM

We Have The Agreement Of (20% Of) The Unsecured Debtholders!

By Equity Private

gm-ten.jpgIn the latest GM clusterfuck drama, the Wall Street Journal flashes the pressing news that a group of unsecured GM noteholders has agreed to the latest 10% debt for equity swap amusement. Outstanding work guys and gals! How many votes have you got in the bag?

We have been informed by the advisors to the unofficial committee of unsecured GM Noteholders, Houlihan Lokey Howard & Zukin Capital, Inc. (financial advisors) and Paul, Weiss, Rifkind, Wharton & Garrison LLP (legal counsel), that the unofficial committee and other large Noteholders (who collectively hold approximately 20% in aggregate principal amount of the Notes) support the economic terms of the Proposal. (emphasis added)

Oh. Need we point out that this appears to suggest you have failed to obtain agreement from 80% of the unsecured debtholders? So, do the ad hoc and the official credit committee agree? Any news on secured debt holders. Anyone? Anyone? Bueller? Bueller?
Maybe we were a bit quick ordering the Presidential Suite for the weekend.
GM’s SEC Filing on the Treasury Offer [The Wall Street Journal]

Comments (13)

  1. 1
    Posted by guest | May 28, 2009 at 11:08 AM

    This is good news for Kia.

  2. 2
    Posted by Lowly Assistant | May 28, 2009 at 11:15 AM

    This is outstanding news for Vespa! Ahoy!

  3. 3
    Posted by guest | May 28, 2009 at 11:22 AM

    Not that it makes a big difference, Bloomberg is reporting that another 15% agreed to the debt exchange (so 35% of the debt is supporting the government’s position).
    Oh, and GM will file for bankruptcy on June 1.

  4. 4
    Posted by guest | May 28, 2009 at 11:22 AM

    Whoa!
    Is that Muffie! She really filled out!!!

  5. 5
    Posted by guest | May 28, 2009 at 11:27 AM

    This is why I drive a Harley and pound secretaries in the ass. Its really the only true blue American thing to do.
    God Bless

  6. 6
    Posted by Investorcluzo | May 28, 2009 at 11:28 AM

    I’m a long only PM, why is gm still trading?

  7. 7
    Posted by guest | May 28, 2009 at 11:29 AM

    This isn’t even to avoid bankruptcy, right? I think the warrants to buy up to an extra 15% of new GM stock are simply to keep them from opposing the 363 sale once they file Ch. 11. This is not a last-ditch effort to avoid Ch. 11 by getting 90% approval for the debt/equity swap ahead of June 1st.

  8. 8
    Posted by guest | May 28, 2009 at 11:37 AM

    I bet she doesn’t date any bankers.

  9. 9
    Posted by guest | May 28, 2009 at 11:56 AM

    I am a Banker, what is sex?

  10. 10
    Posted by guest | May 28, 2009 at 12:27 PM

    GM is a strong buy right now.
    -Jim Cramer

  11. 11
    Posted by AndrewInGreenwich | May 28, 2009 at 12:34 PM

    WSJ reported earlier this week that GM secured debt will be paid out in full.
    Smooth sailing getting them on board.

  12. 12
    Posted by guest | May 28, 2009 at 12:49 PM

    “Clusterfuck” is truly one of the best terms to come out of the last few decades.

  13. 13
    Posted by Anal_yst | May 28, 2009 at 1:24 PM

    @AndrewinGreenwich
    I’m pretty sure the headline insinuated that, but the details were more like they’ll get paid, not necessarily par though.
    Zerohedge has some better coverage/analysis you should check out.

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