Chapter 11 Bankruptcy, Restructuring | featured news

Contec Holdings Ltd., the cable-box repair company owned by Bain Capital Partners, filed for Chapter 11 bankruptcy protection Wednesday with a plan in hand to restructure some $360 million in debt.

A federal judge approved a plan by General Motors to sell its best assets to a new, government-backed company, a crucial step for the automaker to complete its bankruptcy process.

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%.

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.