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28th
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General Motors and the US Treasury on Thursday made an improved equity exchange offer to bondholders with US$27bn (GBP16.9bn) in debt intended to pave the way for a quick bankruptcy process for the automaker. Under the proposed deal, which GM said was supported by creditors representing about 20% of its debt, bondholders would be offered 10% of a reorganised company and given warrants to purchase another 15%. Full story...