DETROIT (AP) — General Motors Corp., presenting a dire outlook for the future, said yesterday it may need $30 billion in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shutter five more US factories in a massive restructuring plan.

The automaker is already surviving on $13.4 billion in federal loans and said in a 117-page plan submitted to the Treasury Department that it would seek an additional $16.6 billion if economic conditions worsen, but it could achieve profitability in two years and fully repay its loans by 2017.

The US automaker presented its turnaround plan as it worked to win concessions from the United Auto Workers union and bondholders to dramatically resize the company. The UAW said it reached a tentative deal with GM, Chrysler LLC and Ford Motor Co. on contract changes, but discussions were still under way about how the companies would fund union-run trust funds that will take over the companies' retiree health care obligations starting next year. GM said it was making progress but had not yet achieved all the concessions from union workers, lenders, dealers and suppliers that the Bush administration sought in the loan terms provided last December.

Chief financial officer Ray Young said the company hopes to exchange two-thirds of its roughly $28 billion in unsecured bond debt by the end of March in order to meet the loan terms.

Bondholders, he said, signed a letter saying that they were making progress with the company. The UAW also signed a similar letter saying progress had been made on the health care trust fund. The terms of the loan suggest that GM make half of the required $20 billion in payments to the fund as company stock instead of cash.

Young said the talks have reached a critical stage.

"At this juncture we feel we can make progress" and meet requirements to finalise the deals by March 31, he said.

President Barack Obama's administration will review the plans from GM and Chrysler LLC but could pull the loans if they don't approve the turnaround plans by then. The review could be extended into April, but if the government demands the money back it would force the companies into bankruptcy. Chairman and CEO Rick Wagoner said the plan submitted yesterday is more aggressive than the one presented to the government in December because the global economy and auto sales worldwide have deteriorated since then.

"Today's plan is significantly more aggressive because it has to be," Wagoner told reporters last night. "We have taken stronger actions, we needed to."

In December, GM said it might need a total of $18 billion in government financing but only got a commitment of $13.4 billion, including $4 billion that the automaker received Tuesday.

GM predicted it could run out of money next month and said it wants to receive an additional $2 billion in March and an additional $2.6 billion in April.

The company has a $4.5 billion revolving line of credit that must be refinanced in 2011 but now believes that private funding won't be available, so the automaker is asking the government to lend the money.

If market conditions deteriorate, GM says it may also need an additional $7.5 billion revolving line of credit to stay afloat, for a total potential request of $30 billion.