Bondholders would initially receive 10 percent. They could then exercise their warrants for an additional 7.5 percent when the new G.M. rises to about $15 billion in value. The second set of warrants for the final 7.5 percent of G.M. would be exercisable when the new G.M. rises to $30 billion in value.
With GM unsecured debt now trading around 10% of face value - this could result in a 150% return on investment in 3 years.
GM exchange traded debt can be accessed as XGM, RGM, HGM etc.
I went recently long on XGM.