COMPANIES Bondholders of General Motors sent a letter on Sunday to members of the Obama administration voicing ongoing concern about the automaker’s restructuring efforts, including frustration with the progress of talks to cut debt and doubt that GM’s business plan will result in a lasting turnaround.
Under terms of federal loans last year, GM must reduce unsecured debt by two-thirds through a debt for equity swap. It has until March 31, with a 30 day grace period, to iron out a deal with its bondholders, a group ranging from hedge funds to individual US savers. Failure could result in bankruptcy.
