GM says debt-for-equity offer to bondholders falls short; Bankruptcy filing almost certain

GM says debt-for-equity offer to bondholders falls short; Bankruptcy filing almost certain
A GM bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw a plan to swap bond debt for company stock. GM has until Monday to complete a gov't.-ordered restructuring that includes debt reduction, labor cost cuts & plant closures. But a Chapter 11 reorg is likely after it said its offer to exchange $27B in unsecured debt for 10% of GM