Biz, U.S.: GM may not be completely screwed after 9th-inning agreement
- Bondholders have accepted an amended agreement. After looking completely screwed yesterday due to a failed bond agreement, GM proved, like a phoenix rising out of the ashes, that it still had some fight in them. The company, teetering on bankruptcy, convinced bondholders to agree to a revised plan in which they’d receive a 10 percent equity stake. It may not be enough to save them, but you have to give them high-fives for the effort. source