1982vett":17g834vt said:
About 72.5% will be owned by the US government, 10 % to the bondholders and the rest goes to UAW. Something like that. Hence the term "Government Motors".
This is hot off the wire...
A senior Obama administration official estimated that GM would be under bankruptcy protection for 60 to 90 days, longer than Chrysler's expected reorganization because GM is bigger and more complex. The official spoke on condition of anonymity because of the sensitivity of the negotiations.
The U.S. Treasury, which already has loaned GM $19.4 billion, would get 72.5 percent of the new company's stock and provide $30 billion in additional financing to keep the new GM operating under bankruptcy protection.
Canada's government is expected to provide an additional $9 billion, the administration official said.
A United Auto Workers trust that will take over retiree health care expenses will get 17.5 percent, and the old GM, effectively owned by the bondholders, would get a 10 percent stake.
GM's existing shareholders will probably lose everything.
http://news.yahoo.com/s/ap/20090529/ap_ ... the_new_gm