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SEP 23, 2013 - San Francisco Chronicle

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GM to buy back preferred stock; debt rating upped

DETROIT (AP) — General Motors agreed to pay $3.2 billion to buy back high-interest preferred stock from a union retiree health care trust, and the Moody's ratings agency restored GM's debt to investment grade. The trust got the shares after GM emerged from bankruptcy protection in 2009 to help pay the company's obligation for retiree health care. [...] the company was obligated to pay health insurance costs for hundreds of thousands of retirees and their spouses, a huge expense that was strangling the company's finances.

Tags: GM to buy back preferred stock; debt rating upped,  Detroit Bankruptcy Latest News