GM officials are pushing bondholders to swap out the debt they hold for equity in the troubled corporation, reports the Wall Street Journal. The unique strategy represents a last-ditch attempt to stave off creditors and obtain federal aid to survive. A debt swap could leave unsecured debtholders with major losses. Many bonds have been trading at a fraction of face value, indicating investors aren't confident GM can meet its debt obligations. GM must come up with a plan for federal aid by Tuesday.