UPDATE 1-GM says bond exchange fails, board to meet


* GM board to review options after bond exchange fails * Exchange offer will not be consummated * Shares fall 11.8 percent DETROIT, May 27 (Reuters) - General Motors Corp's board will meet to review options for the struggling automaker after confirming a crucial bond exchange had fallen far short of its goal to cut debt and avoid bankruptcy. GM said in a statement on Wednesday that an offer to exchange $27 billion in bond debt for a 10 percent stake in a reorganized company had ...

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