Bondholders accept new GM deal - Austin Business Journal:

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GM (NYSE: GM) had previously offered a deal for the holder sof $27 billion in debt that would have givenj the bondholders 10 percent of the and those firms rejected that offer that expired May 26. The deal is considere d a major breakthrough in the effort to reach an agreement on a plan to help GM becomes more competitive and emerge from the globakl economic recession as a viable Underthe plan, bondholderxs would own 10 percent of the “new GM” and have warrants that give them the righft to purchase another 15 percent.
“Wed have been informed by the advisors to the unofficialp committee of unsecuredGM noteholders, (financial and (legal counsel), that the unofficial committer and other large noteholders (who collectivelyu hold approximately 20 percent in aggregate principalp amount of the Notes) support the economic terms of the GM wrote in the filing.