White House holds out hope for GM bondholders

The White House is holding out hope that there might be a deal between General Motors and its bondholders despite a critical deadline having passed last night.

Despite the deadline for GM to reach an agreement with its debtors having come and gone last night, White House Press Secretary said "you never know" what sort of deals could be reached before Monday's deadline for a new restructuring plan.

"Well, you never know," Gibbs said on the prospects of a deal with bondholders still. "I think that the team continues to work on trying to get all the stakeholders involved, to move and make progress, and they're going to continue to do that up until that deadline."

With that in mind, Gibbs avoided directly criticizing the bondholders as Obama had after several of them forced a Chrysler bankruptcy by refusing to deal.

Said Gibbs: "Instead of prejudging how the negotiations will go over the course of the next several days, as we lead up to that deadline, I'd let those stakeholders continue that negotiation in order to get the best possible outcome for GM, for its workers, for the communities that GM is in, and for the taxpayers of this country."

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