Majority Of GM Bondholders Support Bankruptcy Plan

The New York Times reporting that according to people briefed on the matter, just over 50% of GM's holders of $27.2 billion in bonds have agreed to support the automaker's proposed bankruptcy plan. Apparently those 15% warrants (which could eventually bump up the bondholders' stake in the company to 25%) made all the different in the world. For the estimated value of the warrants (at least for the UAW's 2.5% component) per Ron Gettelfinger, click here.