The ad-hoc committee representing 20% of General Motors Corp.'s (GM) bondholders said the deal struck with the government and the automaker gives them a 25% stake including the warrants in the new company.

Under the deal, the bondholders would get a 10% stake up front and warrants to buy a 15% stake - for a total of a 25% stake if and when the reorganized company's market capitalization reaches $30 billion - implying a return of 28 cents on the dollar for bondholders.

"This is specifically negotiated; 25%," said attorney Andrew Rosenberg of Paul, Weiss, Rifkind, Wharton & Garrison LLP, who is representing the committee.

Rosenberg also said that the deal protects unsecured bondholders' claims against other unsecured claims in the bankruptcy process. He said that if other claims come in between $7 billion and $14 billion, the government will give up some of its equity stake to maintain the bondholders' final equity position. He said the addition would come in the form of more equity up front instead of warrants, and added that the government contemplates claims of substantially less than $7 billion.

The committee's representatives have spent the day attempting to convince other stakeholders that this deal is economically attractive. Rosenberg said the committee held an open conference call for bondholders earlier Friday, and since then support for the deal - due by 5:00 pm ET Saturday, per the Task Force offer - is pouring in.

"We can't keep up," Rosenberg said.

-By Andrew Edwards, Dow Jones Newswires; 201-938-5973; andrew.edwards@dowjones.com