Radical GM stock plan would all but wipe out current shareholders
Updated: 2009-05-07 08:06
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Fritz Henderson, chief executive of General Motors Corp, takes questions in Washington, DC, yesterday. Bloomberg News |
General Motors Corp on Tuesday detailed plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the US government, bondholders and the United Auto Workers union.
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