GM bondholders accept new swap offerFont size: A | A | A9:55 AM ET 5/28/09 | Marketwatch
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9:58 AM ET 5/28/09
Symbol Last % Chg
GM 1.34 16.43%
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SAN FRANCISCO (MarketWatch) -- General Motors Corp. shares gained 14% to $1.31 early Thursday after the automaker said it reached a new agreement with a group of bondholders to help relieve the company of its $27 billion in debt. "Implementation of this proposal would result in a New GM with a healthy balance sheet, putting the new company on a clear path toward long-term viability and success," GM said in a statement. Bondholders had previously rejected an exchange offer.