Group wants more than 10% they have been offered

Posted: 06.19.2009 at 4:22 PM

      NEW YORK (AP) - A group of General Motors Corp. bondholders and
(AP) -- some of the automaker's labor unions have filed objections to the
company's plan to sell its assets to a new company to emerge from
bankruptcy protection.
      The bondholders say they're being treated unfairly and deserve
more than the 10 percent stake in the new company that they'd
receive if the sale goes through.
      The group claims to represent about 1,500 bondholders with
holdings worth more than $400 million.
      Meanwhile, the IUE-CWA, United Steelworkers and International
Union of Operating Engineers say the sale will take away the health
care benefits of their 50,000 retirees.
      A hearing on the sale is scheduled for June 30.

      (Copyright 2009 by The Associated Press. All Rights Reserved.)