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GM said Wednesday that its offer to bondholders totradre $27.2 billion of unsecured debt for company stoco failed to satisfy the debt-reduction requirement in its loan agreementas with the U.S. Treasury Department. The Detroit automakere (NYSE: GM) confirmed that the principal amountt of notes tendered was substantiallyh less than the amountGM required. The offedr to bondholders expiredat 10:59 p.m. on May 26. The company’w board will meet to discuss the next which many analysts expect to result in abankruptcuy filing.
The federal government already has loaned GM morethan $19 GM told some 1,100 dealers two weeks ago they won’t have their franchise agreements renewed after they expire in 2010. The companyh has about 40 dealerships in the Houston according to a search onthe company’x Web site. They sell vehiclez under the brandnamea Buick, Cadillac, Chevrolet, GMC, Hummer, Pontiac, Satur and Saab. None have come forwarrd yet saying they received according toWyatt Wainright, a spokesman for the .
Underr Chapter 11 protection, the bankruptcy court could orderf GM's dealer network trimmed even
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