General Motors apparently does not plan to make a $1 billion debt payment June 1. That's what GM Chief Financial Officer Ray Young told a Wall Street Journal reporter at a business lunch in Detroit Wednesday.
A surprise? Hardly. By June 1, GM will either have reached a deal with bondholders to restructure its debt under a government-supervised restructuring, or it will be in bankruptcy. Either way, it won't be making that scheduled debt payment. FULL ARTICLE
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