G.M.'s fate was sealed Wednesday, as officials announced that the company had failed to convince the necessary 90% of its bondholders to exchange their debt for company stock. The exact number of bondholders who did agree is not known, though G.M. acknowledges received that it was significantly less than they needed. G.M. has now moved to file for bankruptcy, which could come as soon as the end of this week, and to sell some units. Opel and Vauxhall units in Europe are to be combined under one name and sold, probably to Fiat or to the Canadian Magna International. The US is expected to own the lion's share of the reconstituted G.M. Also crucial now is the approval vote of G.M.'s new concessions to be held this week among United Auto Workers members. The contract that would provide a foundation for the re-imagined auto company must be approved to file for bankruptcy.
See "Debt Exchange Falls Short; G.M. Moves to Sell Units", Carter Dougherty & David Jolly, The New York Times, May 26, 2009