RPT-UPDATE 1-US still hopeful for GM bondholder deal

Newswire

(Adds quotes and details) WASHINGTON, May 27 (Reuters) - The Obama administration continues to try to facilitate a long-shot debt-reduction agreement with reluctant General Motors Corp bondholders despite the company's fast-approaching bankruptcy deadline, the White House said on Wednesday. While overwhelming rejection by bondholders on Tuesday of a proposed debt-equity swap set the stage for a GM bankruptcy by June 1, the administration said it is not giving up on what industry experts ...

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