2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
After the first offer failed, the US government made a second proposal. The creditors should be able to acquire a larger share in the new group.
The US Treasury has made the creditors of the Opel parent company General Motors (GM) a new offer to rescue the automaker in the course of bankruptcy proceedings. The lenders could get a higher stake in the group than the ten percent previously offered for a debt waiver, GM announced on Thursday in Detroit, citing a government proposal.
The prerequisite, however, is the consent to a rescue sale with an extensive nationalization of GM in the context of bankruptcy. The Ministry of Finance gave tens of thousands of creditors a deadline by 5:00 p.m. local time this Saturday. In this way, the government apparently wants to prepare a rescue in the bankruptcy as much as possible so that GM can leave the proceedings again quickly.
Consent is emerging among creditors
A group of creditors have already indicated their approval. it was said. They stand for around a fifth of the total debt of $ 27 billion. Only in the middle of the week did the group fail with its previous offer to reduce debt. Too few creditors had agreed to the original proposal.
The rescue plan provides for the state to join GM with an initial 72.5 percent. In return, the state guarantees the financing of the renovation. The UAW auto union is said to receive a 17.5 percent share for concessions. The participation of the creditors of initially ten percent could later increase to up to 15 percent through options.
The bankruptcy is expected in the next few days due to the dramatic imbalance of the group. US President Barack Obama had given GM an ultimatum this Monday. (dpa)
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