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To achieve long-term viability, GM is negotiating with its stakeholders, including the United Auto Workers, its dealers and its bondholders. “Everybody’s got skin in the game,” he said.

Mr. Wagoner declined to describe negotiations with bondholders, who reportedly have been balking at government demands that they take a 67 percent haircut. He did observe that GM’s bonds are trading at about 15 cents on the dollar.

GM’s stock, which closed at $2.41 Tuesday, has lost 94 percent of its value from its October 2007 peak of $42.84 per share.