A majority of General Motors bondholders have agreed to a debt-for-equity exchange, smoothing the way to a bankruptcy filing expected on Monday, a source familiar with the voting said on Sunday.

The bondholders completed voting on Saturday and slightly more that 50 percent agreed to the swap that would give them up to 25 percent ownership of a reorganized GM in exchange for $27 billion in bond debt, said the source.

(Reporting by John Crawley; Editing by Tim Dobbyn)

General motors