[Andrew Schreiber]

Thank You Karthik, now if someone could explain all of this in layman's terms. I fail to understand how this works, to me it appears as though GM is saying, "This is not the GM you are looking for" to its creditors. On March 31 they had $54.4 billion in consolidated debt and now they have $17 billion in consolidated debt. Now, I KNOW they didn't pay off all that debt so where did it go?

Also, if I understand this correctly those people that owned stock in GM just got the shaft

And one last question, New VEBA, what is it?

EDIT: Yes, I read the article, I am just confused by it...