Updated from 3:04 a.m. EDTGeneral Motors ( GM) is unlikely to meet a March 31 deadline for gaining concessions from its main union and bondholders, a report says. The stalemate means GM could trip a March 31 deadline for bondholder and union health care deals imposed by the Treasury Department, the Wall Street Journal reports. But officials on President Barack Obama's auto-industry task force appear willing to extend the deadline by 30 days, the newspaper reports, citing several people briefed on the matter. The U.S. automaker said about 7,500 union members have agreed to accept buyouts, with most leaving the company by next Wednesday. But the number was fewer than GM had hoped, the Journal reports. GM has negotiated another agreement with the United Auto Workers union that could allow it to trim as many as 10,000 more positions by October, the Journal says. The automaker must still convince the UAW to return to the bargaining table to restructure $20 billion in health-care benefits for retirees. And the UAW also has said it won't negotiate with GM on the health plan until the company's bondholders, who carry $27 billion in unsecured debt, offer deeper concessions. Under terms of its government loans, GM is expected to cut its unsecured debt by two-thirds by offering a debt-for-equity exchange, according to the Journal. GM has made a new offer to a committee representing the bondholders, but the two sides aren't closer to an agreement, the Journal reports. GM received $13.4 billion in emergency loans from the U.S. government in December and is asking for an additional $16.6 billion.
The Obama task force is expected to address that and other auto-restructuring issues by March 31. Meanwhile, Bloomberg reports GM has hired Commerzbank to find an investor for its Opel unit in Europe. GM might sell a stake in Opel as part of its effort to raise as much as 3.3 billion euros ($4.5 billion) in Europe, said a person familiar with the matter, reports Bloomberg.