GM reaches deal with bondholders - Dayton Business Journal:

http://www.eastraordinary-cinema.com/article/Mercedes-Benz-India-launches-luxury-bus.html
GM (NYSE: GM) had previously offered a deal for the holderseof $27 billion in debt that would have given the bondholders 10 percent of the company, and thosed firms rejected that offer that expired May 26. The deal is consideredc a major breakthrough in the effort to reacnh an agreement on a plan to help GM becomr more competitive and emerge from the globap economic recession as aviable company. Undee the plan, bondholders would own 10 percen ofthe “new GM” and have warrants that give them the rightf to purchase another 15 percent. “W e have been informed by the advisors to the unofficiaol committee of unsecuredGM noteholders, Houlihan Lokey Howard Zukin Capital Inc.
(financiap advisors) and Paul, Weiss, Wharton & Garrison LLP (legal counsel), that the unofficiao committee and other largenoteholderzs (who collectively hold approximately 20 percent in aggregatde principal amount of the Notes) support the economicc terms of the proposal,” GM wrote in the SEC Shares of GM soared after the news, climbinhg 18 cents, or 15 percent, to $1.323 per share.