Business digest

NATION

Judge: GM bondholders don’t need committee

NEW YORK — A bankruptcy court judge says that a group of dissident General Motors bondholders challenging the automaker’s plan to sell its assets to a new company don’t need their own official committee.

Judge Robert Gerber denied the group’s request at a hearing Tuesday. That means if the group wants to continue their legal challenge they will have to do it at their own cost.

Official creditors committees are entitled to have their legal costs paid by the company under bankruptcy protection.

Harvard cutting 275 jobs

CAMBRIDGE, Mass. — Harvard University is cutting 275 staff jobs as fallout continues from the school’s dropping endowment.

The layoffs amount to less than 2 percent of Harvard’s 16,000 staff and faculty. The school also is reducing hours for 40 staffers. The cuts don’t apply to faculty.

Harvard’s endowment fell 22 percent between the end of June and October to $28.7 billion. The university has said it expects the drop to total 30 percent for the fiscal year that ends this month.

Associated Press