So far, the U.S. Treasury has lent GM over $15 billion. At least half of that debt will be converted to equity, giving the government a 50 percent stake in GM. Meanwhile, cash obligations to the UAW could also be turned into equity, giving the union's Voluntary Employee Beneficiary Association (VEBA) a 39 percent slice of the company.
GM is hoping bondholders will accept equity, too. These debtors could end up with a 10 percent share collectively, assuming they're willing to make the concessions.
Perhaps hardest hit will be current common stockholders, who will be left with just 1 percent of the company if the plan succeeds.