New York - A group of bondholders at the centre of General Motors Corp's struggle to survive have criticized the US carmaker's restructuring efforts, the Wall Street Journal reported Thursday. GM faces pressure to strike a deal that would reduce its 27 billion dollars in debt by March 31, or risk losing 13.4 billion dollars in government loans.
The carmaker this week said it may need as much as 16.6 billion dollars more in emergency federal funds to survive a massive industrywide downturn since October.
But a group representing the company's bondholders has expressed concerns that GM is not cutting costs quickly enough to meet the challenges of the economic crisis, the Journal reported citing a person familiar with the negotiations.
GM, which this year lost its title as the world's largest carmaker to Japan's Toyota Motor Corp, unveiled its latest detailed restructuring plan on Tuesday, promising to cut 47,000 jobs worldwide.
