General Motors' (NYSE:GM) Board of Directors met Saturday evening to discuss next steps after the 5pm deadline for bondholders to accept the sweetened debt exchange offer had passed. The NY Times reported that a majority of bondholders agreed to support a plan to exchange their debt for an ownership stake in the company as high as 25%; with a 10% stake to come initially and 15% to come in the form of a warrant. The holders of just over 50% of the $27 billion in GM bonds accepted the terms, according to the NYT, which will clear the path for a bankruptcy filing. GM is expected to hold a press conference tomorrow in New York when it is also expected to make its bankruptcy filing.

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