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GM closer to bankruptcy as bondholders smooth way (Reuters)
Published at 31 May 2009, 18:30 GMT

File photo of a General Motors logo near a dealership in Park Ridge, Illinois. Ailing General Motors moved closer Sunday to its expected bankruptcy filing as company bondholders approved a government-sponsored debt for equity deal, The New York Times reported.(AFP/Getty Images/File/Scott Olson)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.

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