What happened to GM bond holders?
What happened to GM bond holders?
DETROIT — General Motors gm has struck a deal with 20% of its bondholders to swap shares in a newly formed automaker once the company emerges from bankruptcy, the company said in a filing with the Securities and Exchange Commission on Thursday.
How much did GM bondholders lose?
GM bonds have been a declining investment for as long as the auto company has been in financial distress, which now has been years. Since last year alone, the value of the bonds has fallen from 80 cents on the dollar to as low as 5 cents in the week before GM’s June 1 bankruptcy filing.
What is Mtlqu?
Its unsecured creditors were issued stock for the Motors Liquidation Company General Unsecured Creditors Trust under the symbol MTLQU. …
Is GM still owned by the government?
Like any public company with a stock offering, General Motors is owned by shareholders. In the past, the U.S. government was a majority shareholder in the company (after the 2008 bailouts). Today, the top three individual GM shareholders are Mary Barra, Mark Reuss and Dan Ammann.
Are old GM shares worth anything?
But, unfortunately for shareholders in the old GM, the relative safety of the new GM’s stock is of no value to them. Shares of the old GM are canceled. Investors must learn from this situation and remember to never hold shares of an individual company’s stock this long.
What is a GUC Trust?
More Definitions of GUC Trust GUC Trust means means the trust established under the Plan and the GUC Trust Agreement. GUC Trust means the trust established by the Plan for the benefit of Allowed General Unsecured Claims pursuant to the GUC Trust Agreement.
When did old GM stock became worthless?
The old GM stock stopped trading on the New York Stock Exchange on June 1, 2009, the day that GM filed for bankruptcy. Each share of GM stock became a share in Motors Liquidation. While it was widely reported that the shares were worthless, those shares still traded, then and now, over the counter.
Is Saturn ever coming back?
Some car brands associated with even the largest, most successful car manufacturers have been challenged in terms of sales and have had to be discontinued. The Ford Motor Company’s Mercury brand and General Motors’s Hummer, Pontiac, Saturn, and Oldsmobile brands have all be discontinued.