Big Three, Reorganization | featured news

If union members accept the deal, Ford will gain some of the benefits that General Motors and Chrysler needed bankruptcy reorganization to achieve.

A majority of bondholders agree to swap their debt for a stake in a reorganized GM, which is expected to file for Chapter 11 on Monday.

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%.

Under the terms of the new plan, Chrysler’s lenders would receive about 22 cents on the dollar, plus a 5 percent equity stake in the reorganized company, a person with knowledge of the matter said.