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GM: bondholders accept debt-for-equity offer

(Agencies)
Updated: 2009-05-28 22:57

DETROIT -- General Motors Corp. says a committee of bondholders has agreed to a sweetened deal to erase some of the automaker's debt in exchange for company stock.

General Motors Vice Chairman Bob Lutz anwsers a question during an interview with the Associated Press in Detroit, Wednesday, May 27, 2009. [Agencies]

Related readings:  Bondholders say no to GM plan  GM faces bankruptcy as bondholder offer fails  US likely taking majority ownership of GM  Fate of GM lies with recalcitrant bondholders  Make-or-break week for GM as deadline nears

The company said in a statement Thursday that it offered bondholders 10 percent of the company's stock with warrants to buy up to 15 percent if they agree to support selling the company's assets to a new company under bankruptcy court protection.

The company made the disclosure in a filing with the US Securities and Exchange Commission.

The filing says if the bondholders didn't agree to support the sale, then the amount of stock and warrants they get would be reduced or eliminated.