CHO: It's make it or break it week for General Motors. That June 1st restructuring deadline is just days away. The automaker is slashing jobs and pressing and winning concessions from its workers as it struggles to keep its head above water. Poppy Harlow, live in New York with the breakdown. Hey, Poppy.</s>POPPY HARLOW, CNNMONEY.COM CORRESPONDENT: Hey, Alina. Yes, it's a midnight deadline tonight for General Motors. What it has to do is strike a deal with its debt holders, with the bond holders. This right now is the automaker's greatest challenge outstanding. GM asking these bond holders to accept a much reduced, essentially stake in the company. The proposal would give current bond holders is 10 percent stake in General Motors. Let's take a look at what this deal entails so you can understand it. If you'll hold $1,000 in GM bonds, for every $1,000 of those bonds, you would get 225 shares of General Motors. Now, at Friday's closing price which was $1.40 a share, that's equivalent to $322, rather. So, that's what you'd be getting back to converting the debt into equity. But here's the issue, here's the risk, stock prices always change. GM stock is up 9 percent right now. It could be down significantly tomorrow. You just don't know. And stockholders could get wiped out, Alina, in the case of a bankruptcy. That's the risk ahead - Alina.</s>CHO: Poppy Harlow, thanks. Thanks so much for joining me. I'm Alina Cho. And thanks to the staff here in Atlanta for making me feel so welcome during my stay here. CNN NEWSROOM continues now with Rick Sanchez.
Deadline Looming For General Motors