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It's certainly understandable that G.M. would want to spin its repayment as proof of improving operations.
Its repayment rate is over 95%.
Greg Martin, a G.M. spokesman, said the company had made no misrepresentations about its repayment.
Its repayment exploits the robust balance of its international payments: reserves stand at some $67 billion.
He announced without fanfare on Tuesday that he had restructured a $4.5 billion loan from the Russian bank Sberbank, extending its repayment period.
Its repayment plan follows a similar move earlier this month by Bank of America, leaving Wells Fargo as the last nationwide bank yet to institute repayment.
Similar(29)
In short, the company has painted itself into a corner.Finding itself at the mercy of its banks and bondholders, who could force it into bankruptcy if it misses any of its repayments, NTL has no alternative but to agree to restructure its debt a process that, the company was expected to confirm this week, is now under way.
Most legal rules considered a firm as bankrupt when the judge decides it is not able to make its repayments when the claims fall due (Cabrillo and Depoorter 1999).
To delay its repayments may send the wrong signal to the capital markets, it fears, suggesting that Thailand is a mendicant country unable to carry its debts.
Its repayments were also limited to 3% of export earnings.
Without extra funding the country could default on its repayments as soon as next month.
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