General Motors bankruptcy woes

General Motors\' battle to avoid bankruptcy has suffered a major blow as bondholders have rejected a key part of the carmaker\'s restructuring plan.



The board will now meet to discuss its next steps after a large number of investors refused to exchange their debt for company shares.



Meanwhile, the German government is due to meet to discuss bids for GM\'s Europe arm, hoping to secure its future.



Four bidders are in the running for its Opel and Vauxhall operations.



Yesterday GM transferred control of its European factories and patents, excluding its Saab operations, to Opel in order to ease the takeover.