Business Highlights

GM bondholders balk at plan; bankruptcy now likely

DETROIT (AP) — A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock.

GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labor cost cuts and plant closures. But a Chapter 11 reorganization is likely after the company said its offer to exchange $27 billion in unsecured debt for 10 percent of the company's stock had failed.

GM has received $19.4 billion in federal loans. The Monday deadline was set by the government and includes debt reduction, labor cost cuts and plant closures.

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April existing home sales inch upward, prices fall

WASHINGTON (AP) — Buyers who were brave enough to dive into the market for a bargain-priced house helped provide a modest boost to sales last month.