General Motors set for bankruptcy
Updated on 27 May 2009
General Motors looks set to follow fellow "big three" US car maker Chrysler into bankruptcy after failing to get the bondholder support it needs to reduce the firm's crippling debt.
The Detroit-based manufacturer had hoped to agree a deal in which 27 billion dollars in unsecured debt was swapped for 10% stake of the company's stock.
Bondholders rejected the move, leaving GM with little option other than file for bankruptcy protection.
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