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G.M. said a key group of bondholders agreed not to oppose the reorganization plan in exchange for a stake of 10% in the new G.M., with warrants to buy an additional 15%.
After 100 years in business and 10 months of frenzied but failed restructuring, General Motors Corp is weeks from the bankruptcy filing experts say will be required to complete the Obama administration's bid to reshape a fallen icon of American industry.
General Motors Corp is expected to slash up to 1,200 dealers as it struggles to dramatically pare down its operations and eliminate billions of dollars of costs ahead of an anticipated bankruptcy filing by the end of this month.
General Motors' financial woes continue as the automaker teetering on the edge of bankruptcy reported a $6 billion loss during the first three months of the year Thursday.
Reserve Primary Fund founder Bruce Bent Sr. was among those charged with fraud on Tuesday by securities regulators for allegedly failing to tell investors about the fund's vulnerability to Lehman Brothers' bankruptcy.