GM Moves Up Bankruptcy Announcement: May 27

Well, not officially. Officially, I’d be extremely surprised if GM doesn’t follow decades of precedent and save its ultimate bad news for either Friday (the 29th of May) or the weekend (a Sunday electronic filing). That said, the practice was designed to give the markets the weekend not to flip out about the latest red ink tsunami, fire sale, asset sale, etc. By now the market couldn’t give a shit, knowing as it does that General Motors stock is about to be completely worthless. Still, a new GM filing with the SEC [full press release after the jump] reveals that The General will report the failure to secure “debt reduction agreements” with the UAW and bondholders on May 27. Once that’s done, well, it’s all over bar the shouting.

DETROIT – General Motors (NYSE: GM) today filed a prospectus supplement with the Securities and Exchange Commission relating to its exchange offers for $27 billion of its unsecured public notes and the related consent solicitations that were commenced on April 27, 2009.

The prospectus supplement, which amends the information in GM’s Registration Statement on Form S-4 dated April 27, 2009 and GM’s Tender Offer Statement on Schedule TO filed on that date, provides an update regarding discussions with the U.S. Treasury, the UAW and the VEBA-settlement class representative and the satisfaction of conditions of the exchange offers. To date GM has not reached agreements with the aforementioned parties concerning the U.S Treasury debt conversion and financing commitment, VEBA modifications and other conditions of the exchange offer listed in the prospectus and does not currently expect to reach agreements prior to the May 26, 2009 expiration date and withdrawal deadline of the exchange offers.

GM expects to announce on May 27, 2009 whether the expiration date will be extended or whether the exchange offers have expired and will not be consummated for failure to satisfy one or more of the conditions.

In the event GM reaches agreement on one or more of the foregoing matters in connection with the exchange offers on or prior to May 26, 2009 (or to a later date, if the exchange offers are extended), it will disclose the terms of these agreements. Although withdrawal rights may not be extended or reinstated, holders would continue to have the right to tender old notes until the expiration or termination of the exchange offers.

The prospectus supplement filed today also includes changes made to the original prospectus, which were previously contained in the prospectus supplement dated May 14, 2009 previously filed with the Securities and Exchange Commission as part of Amendment No. 1 to GM’s Registration Statement on Form S-4. The registration statement was declared effective on May 15, 2009.

Except for the changes described in the prospectus supplement, all other terms of the exchange offers remain the same as in the original prospectus.