Check out this great article:
GM debtholders balking at restructuring offer
By Ed Brayton
General Motors bondholders – huge and tiny – sharply criticized the offer Monday from the company and the Obama administration to surrender $27.2 billion in debt for up to 10% of a reworked GM and some cash.
http://michiganmessenger.com/17902/gm-debtholders-balking-at-restructuring-offer