GM Seeks Ways Around $1B Debt Payment

General Motors won’t make a $1 billion payment on its debt June 1, an exec told the Wall Street Journal today, and will instead try to swap it for stake in the company—or turn to courts for protection. “They want us to be a viable entity when we emerge,” chief financial officer Ray Young said of having the US government’s backing. “We’re going to get this done.”
(More General Motors stories.)