GM Bondholders OK Debt-for-Equity Plan in Vote

Vote paves way to bankruptcy filing tomorrow morning
By Matt Cantor,  Newser Staff
Posted May 31, 2009 9:08 AM CDT
GM Bondholders OK Debt-for-Equity Plan in Vote
General Motors world headquarters is shown in Detroit, in this Tuesday, April 21, 2009 file photo.    (AP Photo/Paul Sancya)

GM bondholders voted yesterday to forgive $27 million in debt for equity in the restructured automaker, the Wall Street Journal reports. The move opens the door for a bankruptcy filing tomorrow morning, the New York Times notes. The Treasury Department was in charge of deciding whether enough bondholders backed the offer; “more than 50% agreed,” said an insider.
(Read more General Motors stories.)

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