bondholder

(Newser) - CIT Group Inc. has made a deal for a $3 billion rescue package from bondholders to stay afloat, Reuters reports. The board of the lender, which was facing bankruptcy, struck a tentative agreement tonight. It includes high interest rates and apparently lacks long-term solutions, reports the Wall Street Journal. But...

(Newser) - GM bondholders voted yesterday to forgive $27 million in debt for equity in the restructured automaker, the Wall Street Journal reports. The move opens the door for a bankruptcy filing tomorrow morning, the New York Times notes. The Treasury Department was in charge of deciding whether enough bondholders backed the...

(Newser) - General Motors will file for bankruptcy protection Monday, insiders tell Bloomberg. The company has apparently decided that it cannot make the government-mandated June 1 deadline to shed $44 billion in debt. The timeline is unclear, but bondholders' agreement today to forgive debts in exchange for a stake in the “...