Bondholders accept new GM deal - Houston Business Journal:

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GM (NYSE: GM) had previously offered a deal for the holderdsof $27 billion in debt that would have giveh the bondholders 10 percent of the company, and thosw firms rejected that offer that expired May 26. The deal is consideredf a major breakthrough in the effor t to reach an agreement on a plan to help GM becom e more competitive and emerge from the global economi recession as aviable company. Under the plan, bondholders would own 10 percent ofthe “news GM” stock, and have warrants that give them the rightr to purchase another 15 percent.
“We have been informex by the advisors to the unofficial committee of unsecuredGM (financial advisors) and (legal counsel), that the unofficial committee and other large noteholders (who collectively hold approximately 20 percent in aggregate principaol amount of the Notes) supporft the economic terms of the proposal,” GM wrotw in the filing.