Will Bondholder Deal Keep GM From Bankruptcy?

I'm not sure that it will, but even if GM does enter bankruptcy, having this agreement in place with the bond holders would make that bankruptcy shorter and less risky:

General Motors said in a regulatory filing on Thursday that it has proposed a new deal to a committee representing many of its largest bondholders, offering an equity stake of as much as 25 percent in the restructured automaker if bondholders don’t oppose G.M.’s reorganization plan.
The filing also fills out many of the details of that plan, crafted under the eye of the Treasury Department, which would be G.M.’s majority owner once it emerged from bankruptcy protection with a 72.5 percent stake.
...

A committee representing about 20 percent of G.M.’s bonds said in a statement that they are supporting the new proposal.

“The ad hoc committee of G.M. bondholders supports the revised offer from GM and believes that when contrasted with the alternative – uncertain and costly bankruptcy court litigation – that it represents the best alternative for bondholders in the current difficult and dire situation,” the group said in a statement.