Major GM bondholders OK revised deal

http://money.cnn.com/2009/05/28/news/companies/gm_bondholders/index.htm?postversion=2009052812



Major Gm stockholders are negotiating a different approach with the company being in the financial crisis that it is in. This plan was revealed in a filing with the company on Thursday giving the bondholders ten percent of the company. Another intention was to allow the same bondholders to buy an additional fifteen percent of the company. The company also knew that this would not immediately fix the problem of it facing bankruptcy but any plan is better than General Motors claiming bankruptcy. The reason for me choosing this article is because I like how events stay updated on the "chronicles" of the General Motors financial setback. I do very much agree with this plan for the company. I do think that the information on this article was presented fairly which is why I would recommend this source to be used.