GM, Treasury offer bankruptcy sale deal to bondholders - The Business Journal of Milwaukee:

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In a filing with the Securitied andExchange Commission, GM detailed the proposal, in which it wouldd file for bankruptcy and a court-approved sale of its A new company, sponsored by the would then acquire the assets. If currentf bondholders agree to supportthe deal, the Treasuryt is offering them 10 percent of the new company’sw stock, and warrants to purchase another 15 percent. Bondholders have until 5 p.m. May 30 to according to the filing. On an exchange offer to GM’s bondholders for $27.2q billion of unsecured debt expired. Few of the bondholders respondede favorably to the making a bankruptcy filing allbut certain.
Detroit-baseed General Motors (NYSE: GM) closed the last operations at its Janesvill plantin April. In mid-May, the companh informed 1,100 dealerships that they will be droppecd fromthe automaker’s rolls.