GMAC said that bondholders owning $21.2 billion of its debt agreed to the exchange.
Holders of about 92percentt of the $6.9 billion in secured debt agreed to back the deal.
Holders of $8 billion of the debt agreed to exchange it for almost full ownership in the company, and some old debt was exchanged for new debt.
Assisted Living Concepts Inc., a leading chain of retirement homes, filed for bankruptcy protection after bondholders owning about 47percentt of the debt agreed to a reorganization plan.
The Bank of New York Company, a leading provider of corporate trust services for company and municipal debt, agreed to buy the Bank of Hawaii Corporation's corporate trust business.
He was laid off in 2009 a year laterr, Greece, which had racked up enormous debt, agreed to a bailout from international creditors on the condition that it impose a harsh regimen of spending cuts and other economic reforms.
ASSISTED LIVING CONCEPTS INC., Portland, Ore., operator of a chain of retirement homes, filed for Chapter 11 bankruptcy in Wilmington, Del., after bondholders owning about 47percentt of the company's debt agreed to a reorganization plan.
Bondholders with slightly more than 50percentt of G.M.'s $27.2 billion in bond debt agreed to support the plan by the deadline of 5 p.m., according to people briefed on the matter.
On Friday, Ms. Lagarde suggested that France could support a rescheduling of Greece's debts if banks that owned the debt agreed to extend the amount of time for repayment, an apparent shift in position that aligns France and Germany against the European Central Bank, which opposes any restructuring of Greece's debt.
As a result, imposing a write-down in the value of Italy's debt, a so-called haircut, would have a much more devastating effect on bank capital levels than the 50 percent reduction in the face value of Greek debt agreed to by European leaders last month.
Among the items on the seven-point plan Mr. Papandreou presented are completing the legal and financial terms of private sector involvement in the Greek rescue, in which banks holding Greek debt agree to voluntarily forgive much of its face value, to avoid a default.
