GM to go bankrupt today

OVER 50 per cent of General Motors&rsquo; (GM) bondholders agreed to a crucial debt-for-equity swap last night, as the moribund carmaker gears up to file for bankruptcy today.<br /><br />Bondholders cast their votes and agreed to the swap, which gives them up to 25 per cent ownership of a restructured GM in exchange for $27bn in debt.<br /><br />Since last week, GM has been racing to complete a series of last-minute deals intended to help speed its way through a fast-track bankruptcy.<br /><br />Senior executives are seeking to completely restructure the company, and it is understood that the US administration will own 72.5 per cent of GM when it emerges from bankruptcy.<br /><br />The company is also expected to name turnaround executive Al Koch as its new chief restructuring officer, reports suggested last night.<br /><br />Koch, a managing director at the advisory firm AlixPartners LLP, will be the highest-ranking outsider in GM&rsquo;s management ranks and oversee about 60 Alix employees working for GM.<br /><br />The group is also close to a sale of its Hummer sports utility brand.