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(RTTNews) - Having failed in its endeavor to exchange $27.2 billion of unsecured public notes, General Motors Corp. (GM: News ) Thursday said that the U.S. Department of Treasury has indicated that pursuant to its bankruptcy filing, a new company or new GM incorporated and sponsored by Treasury would acquire the assets of the automaker or old GM, and bond holders will be offered 10% of the common equity apart from warrants to purchase an aggregate of 15% of the equity of New GM, subject to the receipt of statement of support.
GM Reveals U.S. Treasury's Sale Proposal
GM Reveals U.S. Treasury's Sale Proposal