NEW YORK (AP) - General Motors Corp. is expected to announce early Wednesday that only a small fraction of the holders of its US$27 billion in bonds agreed to swap that unsecured debt for a 10 percent equity share of a recapitalized GM.
Reaching such an agreement was one of the requirements of the Obama administration, which already has committed $19.4 billion in aid and said it would only provide more funds if bondholders and unionized workers made concessions that substantially reduced GM's costs.
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