General Motors’ board will meet on Friday to give the go-ahead for its planned move into bankruptcy after agreeing an 11th-hour deal with some of its biggest bondholders.

Holders of $27bn of unsecured bonds will get up to 25 per cent of the restructured company – much more than the 10 per cent stake previously proposed – paving the way for the troubled carmaker to spend a shorter period in Chapter 11 protection.