(AP) -- General Motors says it likely would sell most of its assets to a new company and liquidate the rest if it has to seek bankruptcy protection. The company made the disclosure yesterday in a filing with the Securities and Exchange Commission. GM has said bankruptcy is possible if it doesn't get enough takers on an offer to swap $27 billion in bond debt for stock.
The automaker also says it could seek court approval of its reorganization plan, even if creditors vote against it.
GM offered last month to give bondholders 225 shares for every $1,000 worth of bonds. The company would issue 62 billion new shares and then do a 100-for-1 reverse stock split.
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