DETROIT – With 54 percent of General Motors' unsecured bondholders agreeing to take 10 percent equity plus warrants for 15 percent more in the new company, the automaker goes into bankruptcy court Monday morning. The U.S. Treasury will loan GM an additional $30.1 billion on top of the $19.4 billion that has kept the company afloat since January. In return, the federal government will own 60 percent of GM until it can be paid back. The bankruptcy is expected to be filed before the New York Stock Exchange opens about 9:30 a.m. Eastern time.

Canada and the province of Ontario kick in $9.5 billion in return for 12 percent of the New GM.

The Obama administration believes GM will not need more than the $69.5 billion total committed, under current economic conditions, a senior official explained on background.

The New GM will be built from the "good assets" of the old GM in a Section 363 bankruptcy filing scheduled for June 1 in New York. As in its previously announced restructuring plan, the New GM will break even when annual U.S. sales reach 10 million units. As of last month, the industry's Seasonal Adjusted Annual Rate was about 9.3 million, down from highs in the 17- to 18-million range earlier in the decade.

GM's bankruptcy is expected to take 60 to 90 days, about two- to three-times longer than Chrysler LLC's, the official said. "We hope and expect the outcome will be like Chrysler's." He stressed that the Obama administration has no interest in owning a portion of an automaker. "We had a choice as guardians of taxpayers' money, to receive a greater recovery or we could have left (ownership interest) behind."

The federal government will protect the taxpayers investment "by managing its ownership stake in a hands-off, commercial manner," and won't try to control day-to-day operations. No government employees will work for GM or serve on its board, although the president's Automotive Task Force has said it plans to replace most of GM's current board members.

The new board members will include chief executive officers and former CEOs, chosen regardless of background or politics. The administration official pointed to Chrysler's new, interim chairman, Bob Kidder, a staunch Republican.

And GM will name a chief restructuring officer. According to a Bloomberg story, GM will name Al Koch, a turnaround specialist with AlixPartners LLP. He will report to GM CEO Fritz Henderson.

Here are details of GM's pre-packaged bankruptcy:

•  10-million unit (total U.S. car/truck sales) breakeven point is down from 16-million before GM's reorganization, cutting structural costs.
• GM's $20-billion United Auto Workers' Voluntary Employee Benefit Association obligation is replaced with a $2.5-billion note plus $6.5 billion in 9 percent perpetual preferred stock. The VEBA will own 17.5 percent of the New GM and hold warrants to purchase 2.5 percent more. The VEBA can pick one independent director but has no voting rights.
• Besides 60-percent equity for the government's $30.1 billion in loans, the federal government gets about $8.8 billion in debt and preferred stock.
•  The Canadian government (12-percent stake) will chose one initial director.
• The U.S. government will vote only on core governance issues, including selection of the board of directors and major corporate events or transactions.
•  The U.S. Treasury is funding GM's Warranty Support Program for $361 million.
•  GM will seek "first day" authority to continue to pay suppliers and to honor customer warranties through its dealers.
  

GM's last-minute deal with Magna International takes Opel/Vauxhall out of the equation. The Treasury department made it clear that federal loans to GM would have to fund U.S. operations only. Magna's deal to buy a portion of Opel looks like this:

• GM will own 35 percent of Opel.
• Sberbank, a Russian government-controlled bank, will own 35 percent. GAZ will be an industrial partner to expand Opel's reach in the Russian market.
•  Magna International, founded in Toronto by Austrian emigre Frank Stronach in the late ‘50s, will own 20 percent in exchange for the equivalent of about $423.5 million in short-term liquidity. (Magna, which already assembles vehicles through Magna-Steyr in Europe, was a lead bidder to buy Chrysler from Daimler, but lost out to Cerberus.)
•  Opel staff and/or dealers will own about 10 percent.
•  The German government will loan Opel the equivalent of about $6.4 billion.
  

And so, the world's second-biggest automaker becomes one of the biggest American companies to file for Chapter 11 reorganization. Check out motortrend.com and The Motor City Blogman for updates throughout the day Monday.