Update 2: GM Bondholders accept counteroffer….Breaking: GM to close 14 plants Monday…

Update 2:  CNBC has the details:

..The bondholders will start with 10 percent equity, 7.5 percent more at both $15 billion and $30 billion market cap. GM  will emerge from this deal with $25 billion in secured debt. The offer came Thursday morning from GM and the Treasury Department. However, the move may not stop a possible bankruptcy for GM.

But in exchange for the improved payout, creditors would agree not to oppose a move to sell GM’s profitable assets to a new company funded by the U.S. government in a fast-track bankruptcy process.

The exchange offer will be open to bondholders until 5 p.m Saturday EDT, GM said…

Breaking now, GM Bondholders accept ‘sweetened’ offer, but bankruptcy still a go? developing on CNBC- GM shares resume trading

developing story on CNBC chyron…coming from AP, ugh…..

SOO glad we are spending that 60-70 Billion to save GM …so we can watch all these layoffs anyway….good Gawd almighty….and the pensions will be the next shoe to drop…you and I will carry that unfunded liability as well no doubt…i hearFed Reserve Fisher says  its like 11 trillion theentire unfunded public pensions coast to coast…pfffft!!!