Part 1
GM (executives) have said that if the bond exchange tender offer does not succeed, the automaker will have no choice but to file Chapter 11 by June 1. This month, Chief Executive Fritz Henderson said a (filing) was “more probable” considering the process of the negotiations.
Holders of $27 billion in bonds have until the end of the day to (swap) at least $24 billion for a 10% share in GM, and all indications are that the (vast) majority are unwilling to accept the deal.
Inching ever closer toward (bankruptcy), General Motors Corp. appeared late Tuesday to have come up short in a bid to slash 90% of its debt even as it (zeroed) in on new concessions from its (labor union).
The troubled automaker is expected to provide an update today on the progress of its (attempt) to get bondholders to swap most of their $27 billion in (debt) for a 10% stake in the company, an offer many creditors have said they would refuse.
GM executives have said that if the bond exchange (tender) offer does not succeed, the company will have no choice but to file Chapter 11 by June 1. This month, Chief Executive Fritz Henderson said a filing was "more (probable)" considering the process of the negotiations.
GM had set a deadline of the end of the day Tuesday, though a company (spokesman) left open the possibility of granting bondholders an extension. Such a delay could provide GM and the U.S. government the (chance) to sweeten the offer.