FACTBOX-Details of GM plan submitted to Congress

DETROIT, Dec 2 (Reuters) - General Motors Corp GM.N on Tuesday submitted the accelerated restructuring plan demanded by Congress, saying it needed up to $18 billion in loans and credit lines from the government.

GM said it needed to receive $4 billion of that U.S. government financing this month to survive. [ID:NO2370969]

It said it would aim to convince bondholders and the United Auto Workers union to accept the kinds of concessions companies typically seek in bankruptcy.

Following are details of GM's latest business plan, under which the automaker said it could cut costs enough in order to break even in a recession-wracked U.S. vehicle market.

REQUEST FOR FEDERAL FUNDING

* GM is requesting up to $18 billion in government financing. That includes a term loan of up to $12 billion and a $6 billion revolving line of credit.

* GM needs $4 billion of the funding by the end of December to avoid failure and $12 billion by March 2009

* GM would offer the government equity warrants in exchange for the financing

* GM intends to begin to repay government financing as soon as 2011.

* Government loan disbursements would be monitored by a federal oversight board

* Loan would be callable if GM fails to meet its performance targets under the turnaround plan

* Government loans would be senior to other debt, but the exact nature of the capital structure remains to be worked out

*GM has also applied for $3.6 billion in taxpayer-backed loans from the U.S. Department of Energy and will make a second loan application to offset the cost of retooling factories to make more fuel efficient cars.

DEBT SWAP, BAN ON DIVIDENDS

* Including a $21 billion obligation to the UAW related to a trust fund for retiree health care, GM carries $65.6 billion in debt.

* GM is looking to reduce its debt by about $35.6 billion and will begin immediate negotiations with bond holders.