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Well, now, we can say it's a final, final. GM bondholders voted Saturday on a plan to exchange their debt for an ownership stake as high as 25%. The bondholders have the the sticky wicket in the restructuring plan for GM. They had steadfastly refused to fall in line until the last minute. At stake was $27.2 billion of debt that bondholders were holding. Finally, at least 50% of them agreed to the swap. Now GM can file for bankruptcy protection on Monday morning.
The United Automobile Worker Union, through its retiree health care fund, will receive a 17.5% stake in GM and warrants to buy an additional 2.5%. Bondholders will get a 10% stake and warrants to buy an additional 2.5%. The Federal Government has lent GM $20 billion since December and will end up owning about 70% of the company.
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