General Motors has received European regulatory approval for its debt for equity swap.
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The automaker is offering to exchange 225 shares of common stock for each US$1,000 equivalent of its outstanding notes.
“The exchange offers are a vital component of GM’s overall restructuring plan to achieve and sustain long-term viability and successful consummation of the exchange offers will allow GM to restructure out of bankruptcy court,” the automaker said.
The approval in the UK also applies under European regulations to France, Germany, Belgium, the Netherlands, Luxembourg, Austria and Spain.
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