General Motors Corporation (GM) said Thursday a committee of bondholders has agreed to an improved deal proposed by the U.S. government to erase the automaker's unsecured debt in exchange for company stock. The news came in a regulatory filing that shows the Obama administration's plan for what it hopes will be a quick bankruptcy reorganization that will leave GM with a much smaller debt and the U.S. government as the dominant shareholder. A source told the Associate Press it was “probable” that GM would file for bankruptcy protection on Monday.
