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Washington - The US government would own 72.5% of General Motors under a proposed bankruptcy reorganisation outlined by the ailing automaker, a regulatory filing showed on Thursday.
GM said the US Treasury agreed to the plan to create a new company that buys the assets of the automaker and that bondholders who had rejected an earlier proposal "support the economic terms" of the new plan.
The filing said that the Treasury Department "has indicated to GM that if GM decides to seek relief under the US Bankruptcy Code and seek bankruptcy court approval for the sale of substantially all of its assets ... the US Treasury currently anticipates that a new company sponsored by the US Treasury (New GM) would agree to acquire such assets."
- AFP