(WOIO) - The clock continues to wind down for struggling automaker General Motors.
The company now stands poised to enter into bankruptcy.
Bondholders put the auto giant on the fast track to Chapter 11 when they overwhelming rejected an offer to swap debt for stock.
GM will likely need billions more in government money to make it through bankruptcy court.
General Motors has a June 1st deadline to finish its restructuring plan or enter court protection.