UPDATE 1-Bondholders say GM on risky path to bankruptcy

* Bondholders committee says debt exchange unfair

* Bankruptcy strategy called "risky"

* Bondholders say administration unfairly favored UAW

DETROIT, April 27 (Reuters) - A committee of General Motors Corp bondholders representing more than $27 billion of GM debt on Monday called the automaker's debt-exchange offer politically motivated and legally risky, and said it had a small chance to succeed in a way that would avoid bankruptcy.

"We are deeply concerned with today's decision by GM and the auto task force to offer only a small, inequitable percentage of stock to its bondholders in exchange for their bonds," the bondholders said in a statement.

GM said earlier it would offer bondholders new shares in an attempt to cut 90 percent of its bond debt as part of a deeper restructuring.

The terms of the deal as dictated by the Obama administration's autos task force would give bondholders only a 10 percent stake in a restructured GM while reserving an almost 40 percent for the United Auto Workers.

In exchange for its larger equity share, the union would agree to take $10 billion in stock and $10 billion in cash to settle GM's obligation to a retiree health care fund.

GM Chief Executive Fritz Henderson said GM would file for bankruptcy if it was unable to secure the debt reduction target set for it by the end of next month through a voluntary bond exchange.