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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: GM: 54% of bondholders approve Treasury plan AFP - Monday, June 1 WASHINGTON (AFP) - - Creditors holding about 54 percent of General's Motors bonds have approved a restructuring plan proposed by the US Treasury, a spokesman for the bondholders said Sunday. ADVERTISEMENT The 54 percent represented 975 institutions, a spokesman for the ad hoc committee of bondholders, Elliot Sloane told AFP. The Treasury had given the bondholders until the end of the day Saturday to respond to its proposal to create a new company and shed assets that were causing losses. The creditors collectively would receive 10 percent of GM's stock in return for their shares, and warrants, or options to buy stock, allowing them to acquire up to an additional 15 percent of the company's stock. If the options are exercised, they would control up to 25 percent of the "new GM," while the Treasury would at least initially hold a 72.5 percent stake in the company that emerges from a bankruptcy court reorganization. Bondholders who rejected the plan account for about 46 percent of GM's bond debt. They can contest it in court and try to get as much of what they are owed as they can through the bankruptcy proceedings. The government has warned that they may end up with little or nothing if they take that route. Once the world's biggest auto company, General Motors was poised Sunday to file for bankruptcy protection. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo The General Motors world headquarters building in Detroit, Michigan. Creditors holding about 54 percent of General's Motors bonds have approved a restructuring plan proposed by the US Treasury, a spokesman for the bondholders said Sunday. Most Popular – Top Stories Viewed Last Titanic survivor dies in England Ancient eruption 'killed off world's sea life' Jewels worth six million euros stolen from Paris store: police Aung San Suu Kyi 'covered up' truth: Myanmar junta Talent judge defends singing sensation Boyle View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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