GM Bondholder Offer Collapses, Bankruptcy Looms

GM bondholders wont swap debt for stock, bankruptcy looms [DetroitNews]


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Ash78, just done until Kinja is fixed for good

I didn't see mention in the article, but doesn't this basically mean that bondholders have more faith in a coming liquidation than in any future earnings? That's my assumption, since bondholders often get something, while common shareholders usually get nothing (in the event of bk/liquidation).