Bondholder reports lower stake in General Motors

Published: 08 Apr 2009 17:42:03 PST

NEW YORK, April 8 - A fund run by value manager O. Mason Hawkins that has held a significant amount of General Motors Corp bonds has reported a lower stake, according to a U.S. securities filing.

Longleaf Partners Fund holds 9.6 percent of GM's Series B convertible senior debentures, according to a Securities and Exchange Commission filing on Tuesday. The fund had reported a 29.7 percent stake in a February filing and a 32.9 percent stake in September.

A source familiar with the automaker's plans told Reuters on Tuesday that GM was in "intense" and "earnest" preparations for a possible bankruptcy filing.