Money | General Motors Bondholders Reject GM Deal; Bankruptcy Looms By Newser Editors and Wire Services Posted May 27, 2009 6:59 AM CDT Copied General Motors world headquarters is shown in Detroit, in this Tuesday, April 21, 2009 file photo. (AP Photo/Paul Sancya, File) General Motors says not enough of its bondholders agreed to swap their debt for company stock, meaning the troubled automaker is almost certainly headed for bankruptcy protection. GM has until Monday to finish restructuring or file for bankruptcy. But the company said today that its offer to exchange $27 billion in unsecured debt for 10% of the company's stock had failed. Read These Next She was born at a McDonald's, so obviously this is her nickname. Trump may be targeting this city next due to a misleading news report. Two Powerball players have a lot of financial planning to do. A pastor's dream factored in the discovery of hiker's remains. Get breaking news in your inbox. What you need to know, as soon as we know it. Sign up Report an error