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General Motors' bondholders are refusing to accept a debt-for-equity swap, prompting analysts to predict the company will file for Chapter 11 bankruptcy protection within days.

Reuters reports that the largest US car maker has so far failed to gain anywhere near the 90 per cent of bondholder support required to stave off bankruptcy, and that it is impossible that it will reach this target by today's deadline.

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I'm waiting for the big announcement tomorrow re Opel. Not really bothered about GM. It's a US issue now.

So it's chapter 11 here we come and the GM bondholders get even less than they are currently being offered?

noluddite:

I'm waiting for the big announcement tomorrow re Opel

Well they converted it into one business unit with all relevant plant and technology (patents), including Vauxhall, this morning.