Apr 30th, 2009 - Reuters
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DETROIT (Reuters) - Bondholders will present an alternative to General Motors' just-launched debt-for-equity exchange in a deal that would swap a 51-percent stake in a restructured company for $27 billion (18.2 billion pounds) in debt, according to a person with knowledge of the plan.
The new plan would give the United Auto Workers union 41-percent in a new GM while the U.S. government would not receive an equity stake, according to the person who asked not to be named because the offer had not yet been submitted.
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