GM bondholders to present alternate plan-source

Newswire

DETROIT, April 29 (Reuters) - Bondholders will present an alternative to General Motors Corp's just-launched debt-for-equity exchange in a deal that would swap a 51-percent stake in a restructured company for $27 billion in debt, according to a person with knowledge of the plan. The new plan would give the United Auto Workers union 41-percent in a new GM while the U.S. government would not receive an equity stake, according to the person who asked not to be named because the offer had not ...

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