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GM Prepares Progress Report For Treasury
GM is working on a debt exchange that would slash its unsecured debt by two- thirds to $9.2 billion. The company is seeking to halve its $62 billion in total debt under the terms of the $13.4-billion loan package, with bondholders required to accept about 30 cents on the dollar.

But creditors are looking for 50 cents on the dollar, which they say mirrors the value of concessions being negotiated with the United Auto Workers, the Detroit News said.

In the meantime, the pace of the industry deterioration has not slowed. GM's January U.S. vehicle sales plunged 49% to headline the worst sales month in decades. Chrysler's results were even worse, down 55% as none of the major automakers were spared.
http://money.cnn.com/news/newsfeeds/articles/djf500/200902131200DOWJONESDJONLINE000730_FORTUNE5.htm