Bondholders in place, the last piece for GM

General Motor's (GM) last piece in the puzzle to file for Chapter 11 fell into place late yesterday. The deadline for bondholders to exchange $27 billion for 25 percent of the company passed. The actual structure will end up being an initial 10 percent in the company and warrants for another 15 percent.

Now that the bondholder issue is settled, the company will probably have access to $30 billion in government loans in addition to $20 billion that has already gone into the company.