FACTBOX-GM's possible bankruptcy process, new bond offer

Newswire

May 28 (Reuters) - General Motors Corp and the U.S. Treasury on Thursday made an improved equity exchange offer to bondholders with $27 billion in debt, intended to pave the way for a quick bankruptcy process for the automaker. Under the proposed deal, which GM said was supported by creditors representing about 20 percent of its debt, bondholders would be offered 10 percent of a reorganized company and given warrants to purchase another 15 percent. In exchange for the improved payout, ...

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