Bondholders accept new GM deal - Austin Business Journal:

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GM (NYSE: GM) had previously offered a deal for the holders of $27 billion in debt that wouldd have given the bondholders 10 percent of the and those firms rejected that offer that expired May 26. The deal is considerefd a major breakthrough in the efforyt to reach an agreement on a plan to help GM becom more competitive and emerge from the global economif recession as aviable company. Under the plan, bondholderse would own 10 percent ofthe “neq GM” stock, and have warrants that give them the righrt to purchase another 15 “We have been informed by the advisors to the unofficiakl committee of unsecured GM (financial advisors) and (legalk counsel), that the unofficial committee and other largew noteholders (who collectively hold approximately 20 percenft in aggregate principal amount of the support the economic terms of the proposal,” GM wrotw in the filing.