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[All-In-1-Min] 【整理】2009-05-26 Reuters Video News

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Just a day after General Motors won concessions from its major union, the United Auto Workers, the automaker want a similar cascading deal from its Canadian labor union.

The deal’s to cut operating cost at GM’s North American factories help clear the way for the auto makers to be scared into bankruptcy by the end to this month.

According to a spokesman, GM’s biggest bondholders(公债持有人; 债券所有人) who hold about 27billion dollars of the company’s debt planned to reject the company’s current offer for a 10% equity stake.

GM has been kept in operation since the start of the year with more than 15billion dollars in emergency federal loans, and is said will need billions of dollars in additional financing if it moves into bankruptcy.

On Friday the Washington Post citing unnamed resources reported the treasury would provide the company nearly 30billion dollars in new federal loans. GM faces a June 1st deadline set by the Obama administration to restructure its debt and operations.
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  • qinnuan

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