GM Bankruptcy Plan Clears Bondholder Hurdle - NYT

May 31, 2009 01:24:47 (ET)

DOW JONES NEWSWIRES
General Motors Corp. (GM)' bondholders finished voting Saturday on the company's plan to exchange their debt for an ownership stake as high as 25% in GM, the final obstacle to an orderly bankruptcy for the ailing carmaker, The New York Times reported in its Sunday editions.
Bondholders with slightly more than 50% of GM's $27.2 billion in bond debt agreed to support the plan by the deadline of 5 p.m., EDT, according to people briefed on the matter. Among the backers was a committee of large investors holding about 20% of GM's outstanding bonds.
Full story at: nytimes.com
(END) Dow Jones Newswires
May 31, 2009 01:24 ET (05:24 GMT)