GM on final bankruptcy decision

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GM's board of directors met for a second day on Saturday to reach a final decision on whether to complete plans to restructure by filing for bankruptcy protection on Monday.

A deadline was set on Saturday for GM's bondholders to decide on whether they want to accept an offer to swap 27 billion US dollars in debt for a minimum 10 percent stake in a new streamlined GM. The outcome is unknown at this point, but if bondholders turn that offer down, they could wind up with far less in bankruptcy court.

GM took a huge restructuring step Friday when the United Auto Workers union agreed to a cost-cutting deal. And as we mentioned, Saturday saw Germany announce approval of a plan for Canadian auto parts maker Magna to move ahead with a rescue of GM's Opel unit. But a great deal still needs to be done to beat the government's Monday deadline to qualify for more aid.

GM has yet to confirm it will seek bankruptcy protection, but it has scheduled a news conference Monday morning in New York.