As you may know, GM is in a bit of fiduciary trouble these days.  As GM struggles to keep their head above the rising torrent of water that is flooding company halls, plans are begining to emerge out of Detroit that are aimed solely at keeping the dying giant breathing.  One of these plans is, of course, the massive government bailout that is expected to come down the pipe any minute.  However, Fox Business news is reporting the following:

Top officials at General Motors Corp., trying to avert a bankruptcy-law filing by the Detroit auto giant, are developing a plan under which debtholders would swap their securities for equity, The Wall Street Journal reported. Chief Executive Rick Wagoner and aides must deliver a business plan to the U.S. Congress by Tuesday. GM is to argue that a short-term loan from the government plus accords with creditors and unions should enable the company to stay in business as a leaner, viable firm, the Journal reported. GM is carrying $43.3 billion of debt and paying $2.9 billion a year of interest on it, the Journal reported, citing J.P. Morgan Chase estimates. 

Is it a step in the right direction for the aging auto giant?  I suppose only time will tell, but GM is going to need to do some serious retooling to keep viable in such a competitive market.  With sales down, the automotive game has become even more difficult for GM execs. 

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