GM to Default
From the WSJ, GM Plans to Skip $1 Billion Debt Payment:
General Motors Corp. Chief Financial Officer Ray Young said the company doesn’t plan on making a $1 billion debt payment due June 1 and is relying on either a successful debt-for-equity exchange or court protection to dramatically lower its outstanding debt.
These are endgame moves. GM likely has the cash on hand, but wants to be holding as much cash as possible when/if they enter bankruptcy (for operations).
