BY SHARON TERLEP
General Motors Corp. bondholders formed a committee to negotiate terms of a debt-for-equity swap, a key requirement of the auto maker's loan from the U.S. government, GM executives said on Thursday.
Terms of the government's $13.4 billion loan program requires GM to have a plan in place that would cut its $27.5 billion in unsecured debt by two-thirds by Feb. 17. It also must reach a cost-cutting agreement with its union workers.
On Thursday, GM lowered its forecast for 2009 industry sales and disclosed the formation of a bondholders' committee. A spokesman for Paul, Weiss, Rifkind, Wharton & Garrison LLP ...
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