As the clock ticks down to an expected GM bankruptcy filing on Monday, the pieces for a potentially smooth restructuring process are falling into place.

On Saturday, a majority of GM bondholders, holding a little more than 50 percent of GM’s debt, agreed to a plan to exchange their debt for an ownership stake in the company, according to the New York Times. The bondholders will initially get 10 percent, but will eventually be able to increase the stake to 25 percent. This is expected to streamline the bankruptcy process, with expectations that GM could emerge within about 60 to 90 days. (See: “GM counts down to ‘B Day’” and “Concerned about GM’s bankruptcy?”)

Meanwhile, across the Atlantic, an agreement was reached for GM to sell a majority stake of its European operations, including the German Opel and British Vauxhall brands, to a group led by the Canadian auto-parts manufacturer, Magna International. With this plan in place, Opel is expected to be placed under a trust, which will shield it from the U.S. auto bailout and, again, help make the restructuring process go more smoothly. According to Canada’s Globe and Mail, Magna will become Canada’s first major automaker since 1918 and has said that it wants to build Opel cars in Canada.

While many Americans aren’t familiar with Opel, its cars have begun to trickle into our market in recent years as GM has been using them to develop new Saturn models. The current Saturn Astra and Vue, for example, are rebadged versions of the Opel Astra and Antara, respectively. (These links go to the model overview pages with ratings, road tests, and more, available to online subscribers.)

How have they done? In our tests, we found the Astra agile to drive with good steering and a composed ride, but its acceleration is lackluster and fuel economy is so-so for its size. The Astra scored midpack in our hatchbacks ratings, but is not recommended because we don’t yet have reliability data on it.  
While the Opel-based Vue is a big improvement over the previous version, with a comfortable ride and quiet, well-finished cabin, we found its braking and fuel economy disappointing. The Vue is not recommended because of poor reliability.

Meanwhile, elsewhere on the restructuring front, a U.S. bankruptcy judge is expected to issue an opinion on Monday on the sale of Chrysler to Fiat. This would clear the way for the new Chrysler to emerge from bankruptcy soon. (Read: “As GM bankruptcy looms, new Chrysler set to emerge.”)

To get answers to the most common questions and concerns about Chrysler’s and GM’s bankruptcy, check out our Auto Crisis hub. And follow the latest happenings in our Cars blog. Definitely more to come.

—Rik Paul