GM Seeks Ways Around $1B Debt Payment

Automaker will swap for equity or seek court protection
By Will McCahill,  Newser Staff
Posted Apr 22, 2009 1:03 PM CDT
General Motors chief financial officer Ray Young is seen at left,.   (AP Photo)
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(Newser) – General Motors won’t make a $1 billion payment on its debt June 1, an exec told the Wall Street Journal today, and will instead try to swap it for stake in the company—or turn to courts for protection. “They want us to be a viable entity when we emerge,” chief financial officer Ray Young said of having the US government’s backing. “We’re going to get this done.”