General Motors Corp., Ford Motor Co., and Chrysler LLC will refinance the debts of their companies, economize on executive payment, get allowances from workers and get supplementary methods of vitalizing their tottering companies.
U.S. automakers are under pressure to hang about afloat into 2009 under the pressures of an economic break down, characterized by the most horrible auto sales in decades and a tight lending market.  General Motors, Ford and Chrysler met with nearly $18 billion in cash funds throughout the last quarter, and GM and Chrysler have stated they would collapse in weeks.  The top managerial supervisors from the top three automaker companies did not manage to encourage a doubtful Congress that they were valuable to get $25 billion in loans.
Nancy Pelosi, The House Speaker and Harry Reid, Senate Majority Leader, required them to sketch out the changes they are going to make inclusive of the abolition of the lavish managerial pay packages.  All the 3 companies are filing individual plans and the Congressional hearings of these plans are to be on Thursday and Friday.
GM will delineate their attempts to discuss substitutions of some of the company's loans for equity stakes in the automaker and also with shares or warrants for the respective loan amount stated executives who briefed about the plan of the company.
Chrysler will probably outline changes which will speak of a substitution of loans in the company for equity stakes and discounts in some of the vehicle models to promote sales,
Ford is obligated in more than $26 billion, where $6.3 billion is due to its UAW trust fund before the end of 2009.
Chrysler, being a private company might not be required to declare its books; however, the CEO Nardelli stated it is going to be complicated for the company to achieve it without any kind of federal aid.
All the three companies are negotiating with the UAW for postponement in payments to the trusts.
Auto industry officials have declared to the press about their plan to present and they claimed they were strong plans; however, most of the details were given in anonymity since the discussions were supposed to be private.