July 9, 2009
GM emerges from its quick trip through bankruptcy court with a $100 billion less in debt, a dozen fewer plants and factories and a new lease on life. The U.S. Treasury gets a 61% stake, the UAW employee benefit trust or VEBA gets 17.5% and the government of Canada and Ontario get 11.7%. GM's old creditors own 10% of the new GM but more than $28 billion GM owed to bond holders gets wiped off the company's books in exchange for the stock. GM's old shareholders get nothing.
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