Bondholders of General Motors Corp. are appealing to both the government and the Detroit automaker for more flexibility as they try to work through complicated discussions to reduce GM's massive amount of unsecured debt.
General Motors was required to reduce its $28 billion in unsecured debt by two-thirds under terms set by the Bush administration in December on the company's $13.4 billion loan.
Bondholders have talked with GM and the Obama administration's auto task force about a possible exchange of debt for equity. But they also are seeking changes to the proposed structure, said a person familiar with the discussions, who spoke on condition of anonymity …
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