GM set to reveal viability plan details today

Apr 27th, 2009 - Freep

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General Motors Corp. plans to announce details of its revised viability plan early this morning.

The troubled Detroit automaker is expected to formally launch a debt-to-equity exchange with unsecured bondholders early this week, presumably today, as part of its efforts to restructure nearly $28 billion in debt and to satisfy the White House's demands for a healthy balance sheet.

GM faces a June 1 deadline to improve its restructuring plan and impress President Barack Obama or face bankruptcy. Obama's auto task force had ruled.

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