Bankruptcy seems inevitable now for General Motors, which has been given a June 1 deadline to file for bankruptcy by the federal government.
Wednesday morning, the motor giant said its offer to swap about $27 billion in debt for equity expired without any takers.
GM's board is now trying to figure out what to do next.
The company's stock fell more than 15% after the announcement, to $1.22.
The stock will be dropped from the Dow Jones Industrial Average if the company goes into bankruptcy.
On Tuesday, the United Auto Workers and General Motors reached a tentative agreement that affects the benefits of thousands in Spring Hill, where the automaker has an assembly plant.
GM will give UAW workers 17.5% of its stock as part of its restructuring plans.
The company will also put $2.5 billion toward a retiree healthcare fund.
According to union officials, 61,000 hourly workers will be offered new buyout plans that exceed previous deals. Click here to view full details of the tentative agreement on UAW Local 1853 Chairman Mike Herron's Web site.
Union workers at the Spring Hill plant will vote Wednesday on whether to ratify the contract.
Governor Phil Bredesen Tuesday night said he has not been told whether the closure of the Spring Hill plant is part of GM's restructuring plan.
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- April 27, 2009: GM's plan to cut 21,000 causes concern in Spring Hill
- April 22, 2009: GM to shut many U.S. plants up to 9 weeks
- April 20, 2009: Some Spring Hill automakers could lose jobs
- April 6, 2009: Worry over GM's future continues in Spring Hill
- March 30, 2009: Uncertainty worries workers at Spring Hill GM plant
- March 16, 2009: GM workers return to Spring Hill plant
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- Feb. 18, 2009: Auto workers confront Corker during visit to Columbia
- Feb. 17, 2009: GM to cut 47,000 jobs, close 5 plants
- Feb. 12, 2009: Corker gets UAW Valentine, says workers are 'misguided'
- Dec. 19, 2008: GM worker in Spring Hill relieved over auto bailout
- Dec. 15, 2008: Community worries about GM plant shutdown
- Dec. 13, 2008: Small business owners ponder Spring Hill's future
- Dec. 12, 2008: GM extends holiday in Spring Hill due to production slowdown
- Nov. 18, 2008: Automakers plead for $25 billion lifeline
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