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In fact, the debt exchange far exceeded bankers' expectations.
To achieve this result requires a recapitalization, a debt exchange, a spinoff and share sales.
Mr. Buchheit is now advising the Greek government on its debt exchange offer.
"This is certainly the maximum offer that is consistent with the voluntary debt exchange," he said.
The results of the debt exchange fell short of GMAC's previously stated goals.
But the government stood firm and roughly three-quarters of the bondholders took part in a debt exchange in 2005.
But it did so as part of a debt exchange that gave investors a strong incentive to convert.
The debt exchange would impose a relatively modest 21 percent loss on the face value of the affected bonds.
[C2.] Delta Air to Swap Notes Delta Air Lines is proceeding with a debt exchange to help avoid bankruptcy.
Similar(2)
Under the terms of CIT's debt-exchange plan, holders of $30 billion in bonds could swap their holdings for new notes and preferred stock.
A previous debt-exchange offer this summer garnered barely enough participation to succeed, but it was not accompanied by the threat of an impending bankruptcy filing.
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