GM, Chrysler Race Against Deadline To Complete Restructuring Plans

DETROIT (AP) - General Motors and Chrysler are racing to complete restructuring plans. They are facing a deadline Tuesday to present an outline of how they intend to make themselves viable again and repay billions in government loans.

Both automakers have been in talks with debtholders and the United Auto Workers Union, seeking concessions. While there are reports of progress with the auto workers, people briefed on the situation say final deals may not come until after the deadline passes.

GM executives have said the company only has to show substantial progress today and has until the end of March to finalize the plan. It’s scheduled a news conference this evening to discuss the restructuring.

GM already has received $9.4 billion in government loans and a Treasury Department officials says it should pick up a second $4 billion installment today.

The government has provided Chrysler with $4 billion in loans.