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WARREN, Mich. — People who hold General Motors Corp. bonds said Wednesday they want a better deal than the debt-for-equity swap the company is offering.
At a news conference in Warren outside of Detroit, several bondholders from as far away as Colorado said holding stock in a newly restructured GM doesn’t compare to the bond interest payments they rely on to supplement their retirement or pay property taxes or medical bills. They also said they can’t afford to lose the principal they lent to the company.
“We’re concerned that small bondholders like ourselves have been left out of the dialogue,” said Dennis Buckholtz of Warren.
