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The base case for the reorganized company is bankruptcy, said Amer Tiwana.
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The company planned to sell shares in the reorganized company to large investors.
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The reorganized company will maintain its pension plan for hourly employees.
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Under the new plan, bondholders would receive 5 percent of the reorganized company's stock.
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That will bring the total number of directors of the reorganized company to 13.
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Existing shareholders will get warrants to buy 15 percent of the reorganized company's stock.
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The U.S. Treasury would hold a majority stake in a reorganized company under GM's proposal.
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On Friday, the company said Snyder would not be part of the reorganized company's board.
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Also, existing shareholders will get warrants to buy 15 percent of the reorganized company's stock.
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The reorganized company will continue to sponsor its pension plans, according to the proposed reorganization plan.
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Rather than a rights offering, the company plans to distribute the reorganized company's stock to creditors.
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The plan would unseat Brookfield Asset Management BAMa.TO as a cornerstone investor in a reorganized company.
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If you want to continue operating your business, is existing management capable of operating the reorganized company?
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Existing shareholders would receive 1 percent of the stock in the reorganized company, according to court documents.
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In return for their investment, the group will acquire all of the equity in the reorganized company.
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The new owners, the company's first lien lenders, have yet to select a name for the reorganized company.