Equity Shares | featured news

Wells Fargo & Co priced 341 million common shares at $22 per share on Friday, a source familiar with the matter said, raising a more-than-expected $7.5 billion in new equity ...

General Motors Corp. said it will cut 21,000 U.S. factory jobs by next year, phase out its storied Pontiac brand and ask the government to take more than half its stock in exchange for half of GM's government debt as part of a major restructuring that would leave current shareholders holding just 1 percent of the company.

Under the terms of the new plan, Chrysler’s lenders would receive about 22 cents on the dollar, plus a 5 percent equity stake in the reorganized company, a person with knowledge of the matter said.

General Motors Corp. will not make a $1 billion debt payment due June 1, its CFO, Ray Young, told reporters on Wednesday. Instead, it is hoping to complete a debt-for-equity exchange or be forced to resort to bankruptcy.

GM's stock plummeted on the news.

Obama administration officials have determined they can avoid asking Congress for more bank bailout funds by converting existing loans to the largest U.S. banks into common stock, The New York Times reported on Sunday.