GM driving toward bankruptcy court
Shares of GM lost 49 cents, or nearly 26%, to close at $1.43.
GM's bondholders, who hold about $27 billion of the company's debt, have resisted a proposal put forth by the company and the government to swap debt for a stake in the revamped company. Debtholders have protested that the deal is inadequate, given the risk that the new GM may also fail.
Chrysler was forced into bankruptcy protection at the end of last month.
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[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
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