General Motors made progress in talks with workers and bondholders today but will probably miss its Tuesday deadline, the Detroit Free Press reports. “Everyone is working around the clock,” a source said, but a deal with bondholders was "not looking very likely." GM is seeking concessions to show Washington that it can cut costs and pay back $13.4 billion in federal loans, Reuters reports.
While bondholders presented a new debt-for-equity deal and European unions declared the talks a disaster, GM's board went over its restructuring plan, which will likely include shutting down plants and ditching slumping brands like Hummer and Saab. Up against the same federal deadline, Chrysler continued its talks with the UAW, which had stalled over the weekend.