GM, Chrysler Face Restructuring Deadline

General Motors Corp. and Chrysler LLC are unlikely to complete deals with debt holders and union workers by a government-imposed deadline on Tuesday, the Associated Press reported.

The two — which along with Ford Motor Co. make up the so-called Big Three U.S. automakers — were making progress in concession talks with debt holders and the United Auto Workers union. Negotiations between GM and the UAW ran from Monday night through Tuesday morning, AP said.

GM said it has scheduled a news conference for early Tuesday evening to discuss its restructuring plans, AP said.

GM already has received $9.4 billion in government loans and Chrysler has received $4 billion.

GM will pick up its second installment of $4 billion on Tuesday, AP said, while Chrysler was scheduled to receive another $3 billion.

The plans are supposed to outline how the automakers intend to again become viable and repay the government loans, AP reported.