General Motors, Big Three | featured news

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%.

G.M. prepared for a bankruptcy filing, as bondholders rejected an offer to exchange $27 billion in debt for stock.

The government will likely hold a large share of G.M. after it emerges from bankruptcy, and the union will hold 17.5 percent through its health fund.

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.

The United Auto Workers union expects a crucial round of restructuring talks with General Motors Corp "to intensify this coming week" ahead of an end-of-May deadline set by the Obama administration.

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.

When automaker completes restructuring plan, many new jobs will be filled by workers overseas.

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.

GM is in talks about turning its Saturn division over to Renault. Separately, China's Geely Automobile has submitted a bid to acquire GM's Saab unit.

The Italian carmaker that just took over Chrysler is in talks to buy GM's European operations.