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The rest was money traded for equity in the company.
GM can say they paid us back because of the $50 billion in total support, only $7 billion was counted as a loan and the rest was traded for equity in the company that emerged from bankruptcy.
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Their would-be buyers want them to clear the decks, asking the banks to forgive the debt or trade it for equity as part of the deal.But the banks are unwilling to degrade their already-tattered balance sheets further and risk another financial crisis: debt restructuring is going very slowly.
"But they're trading cash for equity, and liquidity is at a premium right now".
When Porter finally had to declare bankruptcy and was reorganized, Evans, as the largest creditor, traded his bonds for equity and became the largest shareholder.
Those deals that are done typically take at least nine months and can stretch to longer than a year, says Mr Ginsburg.As countries around the region begin to restructure and recapitalise their banking industries, they will free the banks to write off non-performing loans or trade them for equity without going into liquidation themselves.
The sharp market swings of the third quarter proved troublesome for publicly traded private equity firms, as the value of their holdings declined, at least on paper.
In 2006 it started raising a private-equity fund to take advantage of investments that are not publicly traded; private equity now accounts for 57% of the firm's assets under management.Rio de Janeiro is not an obvious place to run a global hedge fund but it has its advantages.
For startups who have been trading equity for similar answers, GLG Share represents a new way to enjoy mentorship without handing over part of their company.
Today, hordes of business-to-business contractors who make deals with high-technology companies are trading their services for equity.
Some pros aim to trade their bonds for equity in a reorganized company.
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