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 Trumps ends trade talks with Canada. Gavin Newsom has filed a massive lawsuit against Fox News. New York Times ranks the best movies of the 21st century. A man has been deported for kicking an airport customs beagle. Get breaking news in your inbox. What you need to know, as soon as we know it. Sign up Report an error