GM Seeks to Cut Debt, Amend Union Pact

Updated from Saturday, Nov. 22

General Motors(GM Quote) will seek to negotiate a cut in debt levels and new union work rules to help boost its chances of winning federal loans, according to a published report.

GM, the largest U.S. automaker, also may ask to delay a $7 billion payment to a union retiree health fund, drop more brands and rework an accord with GMAC to prove it can survive and repay the government, Bloomberg reports, citing people familiar with the plan.

CEO Rick Wagoner is under a Dec. 2 deadline set by House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid to show how he'll reshape operations as a condition of a $25 billion industry rescue. Congress may vote on the package on Dec. 8. ...