Money | General Motors Bondholders Reject GM Deal; Bankruptcy Looms By Newser Editors and Wire Services Posted May 27, 2009 6:59 AM CDT Copied General Motors world headquarters is shown in Detroit, in this Tuesday, April 21, 2009 file photo. (AP Photo/Paul Sancya, File) General Motors says not enough of its bondholders agreed to swap their debt for company stock, meaning the troubled automaker is almost certainly headed for bankruptcy protection. GM has until Monday to finish restructuring or file for bankruptcy. But the company said today that its offer to exchange $27 billion in unsecured debt for 10% of the company's stock had failed. Read These Next A game of doorbell ditch turns fatal for 11-year-old. Is India, under hefty tariffs, turning away from the US? Guy accused of snatching hat from boy at US Open IDed as rich CEO. At Colorado airport: collision, flames, death. Get breaking news in your inbox. What you need to know, as soon as we know it. Sign up Report an error