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WORLD> America
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.

GM: bondholders accept debt-for-equity offer
General Motors Vice Chairman Bob Lutz anwsers a question during an interview with the Associated Press in Detroit, Wednesday, May 27, 2009. [Agencies]

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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.