Holders of $27 billion in bonds have until the end of the day to swap at least $24 billion for a 10% share in GM, and all indications are that the vast majority of them are unwilling to accept the deal. With just hours remaining before a key deadline, General Motors Corp. seems unlikely to succeed in striking deals to cut 90% of its debt, which it must do to avoid bankruptcy.
UAW trust to get large chunk of GM shares
GM will give UAW 17.5 percent of its common stock, $6.5 billion of preferred shares and a $2.5 billion note to fund a trust that will take over retiree health care costs starting next year.
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