Advisers to General Motors’ bondholders have presented a framework plan to US president Barack Obama’s autos task force and the automaker that provides the company’s best chance for an out-of-court restructuring.

In a statement cited by Reuters, advisers to a committee of GM bondholders said the framework plan for a debt-to-equity exchange was “consistent with the government’s restructuring requirements under the terms” of emergency government loans provided to the automaker.

“It (the framework) provides the best chance … of completing an out-of-court restructuring by securing a high level of acceptance among a diverse group of GM bondholders – from mutual funds to pension funds to retail bondholders,” the statement added.

The statement added that plan, presented to the autos task force and GM several weeks ago, “is one of several options on the table that seeks to achieve a successful out-of-court restructuring.”

It came as task force adviser Steve Rattner told the Detroit Free Press bondholders were being “quite difficult” in talks intended to cut GM financing costs.