GM driving toward bankruptcy court
Shares of GM lost 49 cents, or nearly 26%, to close at $1.43.
GM's bondholders, who hold about $27 billion of the company's debt, have resisted a proposal put forth by the company and the government to swap debt for a stake in the revamped company. Debtholders have protested that the deal is inadequate, given the risk that the new GM may also fail.
Chrysler was forced into bankruptcy protection at the end of last month.
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