UPDATE 2-GM closer to bankruptcy as bondholders smooth way

Newswire

* 54 pct of bondholders said to back swap for equity * GM expected to file for bankruptcy Monday * Obama expected to discuss GM's next steps (Recasts first paragraph, adds detail on bondholder support) By John Crawley WASHINGTON, May 31 (Reuters) - General Motors Corp and the U.S. government finalized plans on Sunday for the battered automaker to reorganize, as a majority of debtholders helped clear the way to a massive bankruptcy filing expected on Monday. President Barack Obama ...

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