General Motors Corp.’s bondholders plan to present a counteroffer to President Barack Obama’s auto task force in Washington today that would give them control of the carmaker, according to a person familiar with the committee representing creditors.
The bondholder committee plans to reject GM’s April 27 debt exchange offer that asked them to swap all their claims for a 10 percent stake in the reorganized automaker, said the person, who declined to be identified because the negotiations are private.
Detroit-based GM has said 90 percent of bondholders owning $27 billion must tender their holdings by June 1 or it will be forced to file for a government-supported bankruptcy.
The counteroffer proposes that bondholders and a United Auto Workers retiree-medical fund exchange all their claims for equity, the person said.
GM said this week its proposed debt exchange is conditional on the health care fund converting half of its claims to equity, giving the group as much as a 39 percent stake in GM.
