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DETROIT (Dow Jones)-General Motors Corp. (GM) on Saturday readied for a bankruptcy filing amid signs that a majority of its largest creditors had backed a revised debt-equity exchange, a move that would potentially smooth its progress through court.

The company, the U.S. Treasury and an ad hoc committee representing large institutional creditors all declined comment after the expiration of a 5 p.m. EDT deadline for acceptance of the exchange. However, one member of the ad hoc committee said Saturday that the sweetened deal was expected to be approved by a majority of noteholders, though any number of GM's large retail creditor base remained opposed.

Creditor backing would remove a key impediment to GM's plans for a fast-track bankruptcy as details emerge ahead of an official announcement on Monday and a filing in New York's Southern District federal court.

GM's board was meeting ahead of an expected announcement on Monday that the auto maker will seek Chapter 11 protection, and GM Chief Executive Fritz Henderson scheduled a news conference Monday in New York.

A fresh union pact won employee backing Friday, while marathon efforts to stabilize its European unit through a partial sale to a consortium led by Canada's Magna International Inc. (MGA) were finalized early Saturday.

The auto maker, living on U.S. government loans, faces a Monday deadline imposed by the Obama administration to present a viable restructuring plan and access fresh federal aid. Bondholder dissent threatened efforts for a quick bankruptcy process that would allow GM to emerge with a sustainable balance sheet, removing much of the debt burden that has fueled losses alongside the slide in global auto sales.

Initially, the company said getting bondholders to agree to a debt swap was its best chance for avoiding Chapter 11. But the plan is designed to expedite a bankruptcy filling more than to avoid it. As part of the agreement, bondholders pledged not to oppose GM's reorganization in court. Bondholders had until Saturday evening to voice support for a new offer that would give them more than a 20% stake in GM - a 10% share of the restructured company and warrants for another 15%. It was up to the U.S. Treasury, which brokered the deal, to determine whether enough bondholders agreed for the offer to stand.

The government sweetened the offer last week after bondholders overwhelmingly rejected an earlier proposal that would have left them with 10% equity in the new GM. Analysts' estimates have bondholders coming out of the new deal with around 10 cents on the dollar, compared to as little as nothing under the old offer.

The ad hoc committee representing major bondholders agreed to support and encourage other big investors to back the deal. Under the plan, the Treasury would provide GM with $30 billion in loans to keep running through a bankruptcy, in addition to $20 billion already given to the company. GM won't have to repay the loans, instead, the government will turn them into a controlling stake in the company. The UAW would end up with at least a 17.5% stake in the new company after agreeing to concessions that will save GM about $10 billion in obligations to retiree health care as well as billions more in labor costs.

In exchange, GM agreed to use a soon-to-be-determined idled plant to build a small car in the U.S. GM and the Obama administration, encouraged by Chrysler LLC's progress in bankruptcy court over the last month, hope the company could emerge in as little as 30 days. GM, however, could still face challenges from the hundreds of dealers it is trying to shut down. The company also is still negotiating with Delphi Corp. (DPHIQ), its bankrupt former parts arm.

-By Sharon Terlep , Dow Jones Newswires; 248-204-5532; sharon.terlep@dowjones.com

(John Stoll contributed to this report.)