<p>The latest emergency funds extended by the Obama administration take the total government funding to keep GM afloat since the start of the year to $19.4 billion.<br /><br />GM said it expected that total to rise to $27 billion after June 1, a government-imposed deadline for the embattled automaker to achieve a sweeping restructuring analysts say will require bankruptcy to complete. <br /><br />Tentative plan<br /><br />The tentative agreement with the Canadian Auto Workers union, if ratified, would reduce hourly compensation costs by about 28 per cent after including a round of concessions the union agreed to give in March.<br /><br />GM faces a June 1 deadline to restructure its debt and operations and has said it could file for bankruptcy if it fails to get bondholders to agree to forgive some $24 billion — or 90 per cent — of the amount they are owed.</p>
<p>The latest emergency funds extended by the Obama administration take the total government funding to keep GM afloat since the start of the year to $19.4 billion.<br /><br />GM said it expected that total to rise to $27 billion after June 1, a government-imposed deadline for the embattled automaker to achieve a sweeping restructuring analysts say will require bankruptcy to complete. <br /><br />Tentative plan<br /><br />The tentative agreement with the Canadian Auto Workers union, if ratified, would reduce hourly compensation costs by about 28 per cent after including a round of concessions the union agreed to give in March.<br /><br />GM faces a June 1 deadline to restructure its debt and operations and has said it could file for bankruptcy if it fails to get bondholders to agree to forgive some $24 billion — or 90 per cent — of the amount they are owed.</p>