NEW YORK, May 28 (Xinhua) -- GM, the U.S. biggest automaker, reached an amended debt-for-equity deal with bondholders on Thursday, CNBC reported.

    According to the new proposal, GM bondholders will start with 10 percent common equity of the "new" GM, with 7.5 percent more when GM's market cap reaches 15 billion U.S. dollars and another 7.5 percent more when it reaches 30 billion dollars.

A GM inflatable sign is seen during the Barrett-Jackson auto auction in West Palm Beach, Florida April 11, 2009

    GM said it will result in a new GM with a healthy balance sheet. However, it might still not spare the company from bankruptcy.