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Debt
Debt
Chrysler: The U.S. Treasury is talking to Chrysler's secured lenders about eliminating more than $5 billion of Chrysler's $6.8 billion in first-lien debt so that it can get out of bankruptcy.
Grade: Incomplete

Ford: Ford raised $1.6 billion to help fund its health-care trust by issuing 345 million shares of new stock in May. It retired another $10.1 billion in April, leaving $25.8 billion - still too much.
Grade: C

General Motors: Getting credit holders to agree on how much of a haircut to take has been a nightmare. Pretty soon, the bonds will be worth so little there won't be anything to fight over.
Grade: Incomplete

NEXT: Government stake

Last updated May 22 2009: 1:50 PM ET
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