DETROIT - General Motors Corp. said it will cut 21,000 U.S. factory jobs by next year, phase out its Pontiac brand and ask the government to take more than half its stock in exchange for half of GM's government debt as part of a restructuring that would leave current shareholders holding just 1 percent of the company.

The automaker said it will offer 225 shares of common stock for every $1,000 in notes held by bondholders as part of a debt-for-equity swap that aims to retire most of GM's $27 billion in unsecured debt.

The announcements came in a filing this morning with the Securities and Exchange Commission.

GM is living on $15.4 billion in government loans and faces a June 1 deadline to restructure and get more government money. If the restructuring doesn't satisfy the government, the company could go into bankruptcy protection.

GM said in a news release that it will ask the government to take 50 percent of its common stock in exchange for canceling half the government loans to the company.

In addition, GM is offering the United Auto Workers stock for at least 50 percent of the $20 billion the company must pay into a union run trust that will take over retiree health care expenses next year.

If both are successful, the government and UAW health care trust would own 89 percent of the company's stock, with the government holding over a 50 percent stake, Henderson said.

Deals with the UAW and the Treasury have yet to be finalized, he said.