Word: mondays
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...odds of a GM deal with bondholders may be more bleak. As part of its offer to bondholders, presented Monday, GM is offering to exchange 225 common shares for each $1,000 of principal amount of bonds. The offer covers $27.5 billion of bonds, and based on the recent price of GM stock would result in bondholders receiving less than 40% of a bond's original face value. GM's chief executive Fritz Henderson described the terms of the offer as "stern." For the swap to take place 90% of the bondholders must accept the offer. If that percentage...
...long stocks hold those positions in the face of the threat from H1N1 remains to be seen. The fact that shares hit hard early had regained lost ground Monday suggests markets had earlier "responded in the time honored fashion," says Howard Wheeldon, senior strategist at BGC Partners in London, namely with "a degree of overreaction...
...nearly parallel track, GM announced on Monday that it was taking important new steps to reduce costs as it also struggles to avoid bankruptcy and meet a June 1 deadline from the government for restructuring its operations. In its Monday announcement, GM said that by 2010 it intends to close 13 car plants, eliminate 21,000 jobs, reduce its dealer network by 42%, and eliminate the Pontiac brand. It also announced that it has reached an agreement with the U.S. Treasury to convert 50% of the outstanding government loans to the company - or about $5 billon - into GM stock...
Blow up your browser! The Next Big Thing is the AfterWeb. Facebook made a monumental announcement Monday that seemed as though it was designed to one-up its supposed rival Twitter. But in fact, the real news is that Facebook, like so many others these days, is morphing away from a website, to something far more evolved...
...same Hong Kong scientists who followed SARS from the moment it emerged as a mystery disease until they had identified its cause warned on Monday that swine flu poses an even greater challenge. While scientists have studied influenza for many years, the nature of the disease makes it a tough enemy to combat. With Severe Acute Respiratory Syndrome, or SARS, patients developed symptoms around the same time they became contagious. But with the flu, a person can spread the infection days before they feel sick enough to go to a doctor. "The flu is a known devil," says Malik Peiris...