UPDATE 1-GM bondholders brace for "pennies on the dollar"


(Adds comment, details in first paragraph) By Walden Siew NEW YORK, March 31 (Reuters) - General Motors Corp bondholders on Tuesday braced for a reduced offer of "pennies on the dollar" for about $28 billion in outstanding GM debt and new terms for a swap under a revised survival plan. Bondholders, a key constituency in any restructuring or potential pre-arranged bankruptcy plan, met on Monday to discuss GM's latest efforts to overhaul its operations and reduce its debt burden, ...

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