GM (GM) details plans to issue up to 60B new shares in a bid to pay off debt. The move would...

|By:, SA News Editor

GM (GM) details plans to issue up to 60B new shares in a bid to pay off debt. The move would essentially wipe out remaining shareholders, leaving them with just 1% equity in a restructured automaker with the gov't as majority shareholder. Shares -23.2% premarket.