I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
After being relatively unsuccessful in its attempts to negotiate the restructuring of billions in debt held by bondholders, General Motors is now going back to the bargaining table with what looks to be an even weaker offer to those bondholders than the one they previously made. Automotive News reports:
General Motors is preparing a new offer to bondholders for a debt restructuring critical to its turnaround that may be far worse than terms the automaker had provided previously, business television network CNBC reported today.
Bondholders have not been presented with any new terms, a source familiar with GM’s talks with bondholders told Reuters, in reaction to the CNBC report.
In negotiations with bondholders, GM last month offered 8 cents cash on the dollar, 16 cents on the dollar in new unsecured debt, and a 90 percent stake in the automaker, according to one person with knowledge of the term sheet.
But CNBC and The Wall Street Journal reported the new offer may include only equity — with no cash and no new debt.
One can only assume that GM is hoping that the renewed threat of bankruptcy in the wake of the Obama administration’s rejection of their previous restructuring plan will force the bondholders to accept a lower offer out of fear that they would receive even less — or nothing at all — if the company is forced into Chapter 11. If GM does not restructure some $28 billion in debt by June 1, bankruptcy may remain the only option.
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