GM has over $27.5 billion in bond debt that is unsecured. If GM couldn't negotiate a deal with bond holders, game is over for GM. They have to file for chapter-11 bankruptcy. GM has to reach a deal with 90% of its bondholders to avoid the bankruptcy.
Government spent billions in taxpayers' money and all they did was to postpone the unavoidable. GM burns $2 billion per months just to run its facilities. They knew GM could not last anymore but they spent cash for trash anyway!
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