paologorgo
Chapter 11
la telenovela ha un nuovo, inaspettato colpo di scena:
To date, we have not:
•
o the U.S. Treasury Debt Conversion,
o the U.S. Treasury Financing Commitment,
o a binding written consent in respect of a portion of the common stock it is to receive in connection with the U.S. Treasury Debt Conversion authorizing the charter amendments,
o the percentage of pro forma outstanding GM common stock to be issued to the U.S. Treasury in connection with the U.S. Treasury Debt Conversion, or
o the manner in which the U.S. Treasury (or its designee) will hold any GM common stock received in connection with the U.S. Treasury Debt Conversion and the role (if any) the U.S. Treasury (or its designee) will play in the governance of our company, including, but not limited to, by virtue of its rights associated with the shares of GM common stock it will hold; or
•
o the VEBA Modifications, or
o the percentage of pro forma outstanding GM common stock to be issued to the New VEBA in connection with the VEBA Modifications; or
•
o the Labor Modifications. We previously indicated that we expected to be able to disclose the terms of any agreement reached with respect to the U.S. Treasury Debt Conversion and the VEBA Modifications prior to the withdrawal deadline. However, we currently do not expect to reach an agreement with respect to these matters or the other matters set forth above in connection with the exchange offers, and thereby satisfy the related conditions, prior to May 26, 2009, the scheduled expiration date and withdrawal deadline for the exchange offers. In the event we reach agreement on one or more of the foregoing matters in connection with the exchange offers on or prior to May 26, 2009 (or such later date, if any, to which the exchange offers are extended), we will disclose the terms of these agreements. However, to the extent the specific terms of these agreements satisfy (or are more favorable to holders of old notes than) the terms of the applicable conditions set forth above, and these specific terms do not otherwise constitute a “change in the exchange consideration” or a “material adverse change in our circumstances such that there is a substantial likelihood that a reasonable holder that had previously tendered old notes in the exchange offers would view disclosure of such change as significantly altering the ‘total mix’ of information made available” then we would not be required to extend or reinstate withdrawal rights as described in the prospectus under the heading “ The Exchange Offers and Consent Solicitations–Withdrawal of Tenders .” Although withdrawal rights may not be extended or reinstated in this circumstance, holders would continue to have the right to tender old notes until the expiration or termination of the exchange offers. We currently expect on May 27, 2009 to announce whether we will extend the expiration date of the exchange offers or whether the exchange offers have expired and will not be consummated for failure to satisfy one or more of the conditions.
To date, we have not:
•
reached any agreement with the U.S. Treasury in connection with the exchange offers regarding:
o the U.S. Treasury Debt Conversion,
o the U.S. Treasury Financing Commitment,
o a binding written consent in respect of a portion of the common stock it is to receive in connection with the U.S. Treasury Debt Conversion authorizing the charter amendments,
o the percentage of pro forma outstanding GM common stock to be issued to the U.S. Treasury in connection with the U.S. Treasury Debt Conversion, or
o the manner in which the U.S. Treasury (or its designee) will hold any GM common stock received in connection with the U.S. Treasury Debt Conversion and the role (if any) the U.S. Treasury (or its designee) will play in the governance of our company, including, but not limited to, by virtue of its rights associated with the shares of GM common stock it will hold; or
•
reached any agreement with the U.S. Treasury, UAW and VEBA-settlement class representative in connection with the exchange offers regarding:
o the VEBA Modifications, or
o the percentage of pro forma outstanding GM common stock to be issued to the New VEBA in connection with the VEBA Modifications; or
•
reached any agreement with the U.S. Treasury and the UAW in connection with the exchange offers regarding:
o the Labor Modifications. We previously indicated that we expected to be able to disclose the terms of any agreement reached with respect to the U.S. Treasury Debt Conversion and the VEBA Modifications prior to the withdrawal deadline. However, we currently do not expect to reach an agreement with respect to these matters or the other matters set forth above in connection with the exchange offers, and thereby satisfy the related conditions, prior to May 26, 2009, the scheduled expiration date and withdrawal deadline for the exchange offers. In the event we reach agreement on one or more of the foregoing matters in connection with the exchange offers on or prior to May 26, 2009 (or such later date, if any, to which the exchange offers are extended), we will disclose the terms of these agreements. However, to the extent the specific terms of these agreements satisfy (or are more favorable to holders of old notes than) the terms of the applicable conditions set forth above, and these specific terms do not otherwise constitute a “change in the exchange consideration” or a “material adverse change in our circumstances such that there is a substantial likelihood that a reasonable holder that had previously tendered old notes in the exchange offers would view disclosure of such change as significantly altering the ‘total mix’ of information made available” then we would not be required to extend or reinstate withdrawal rights as described in the prospectus under the heading “ The Exchange Offers and Consent Solicitations–Withdrawal of Tenders .” Although withdrawal rights may not be extended or reinstated in this circumstance, holders would continue to have the right to tender old notes until the expiration or termination of the exchange offers. We currently expect on May 27, 2009 to announce whether we will extend the expiration date of the exchange offers or whether the exchange offers have expired and will not be consummated for failure to satisfy one or more of the conditions.