Majority of GM bondholders agree to deal - source
WASHINGTON, May 31 (Reuters) - A majority of General Motors bondholders have agreed to a debt-for-equity exchange, smoothing the way to a bankruptcy filing expected on Monday, a source familiar with the voting said on Sunday.
The bondholders completed voting on Saturday and slightly more that 50 percent agreed to the swap that would give them up to 25 percent ownership of a reorganized GM in exchange for $27 billion in bond debt, said the source. (Reporting by John Crawley; Editing by Tim Dobbyn)
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India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage
GLOBAL RECOVERY
Global economy in holding pattern - IMF
The global economy is in a holding pattern and vulnerable to more upheaval, the head of the IMF said, adding a lasting recovery will depend on policymakers taking the proper steps in the coming months. Full Article
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