Kerkorian to Pledge GM Stake for Loan

Billionaire investor Kirk Kerkorian will pledge his 9.9% stake in General Motors Corp. as collateral for a loan from Bank of America Corp. after he increased his stake in the automaker last week.

Kerkorian’s Tracinda Corp. said in a regulatory filing it intended to borrow more than $200 million from a $400-million line of credit with the bank. That triggered a requirement that his holdings in Detroit-based GM be used to secure the loan.