A group of bondholders for General Motors (NYSE:GM) expect to meet soon with the auto task force formed by President Barack Obama to oversee the federal funds given to the American automakers and the restructuring of that industry. Under the terms of that aid, GM was required to swap equity (that is, shares of stock) to those bondholders in exchange for cash payments on those bonds. Automotive News reports:
 

Representatives of General Motors’ bondholders expect to meet with the U.S. government task force overseeing the rescue and restructuring of the auto industry, a person familiar with the matter said on Friday.

No date has been set for the meeting, which would come after closed-door discussions over the past week between the autos task force and representatives from GM, Ford Motor Co. and Chrysler LLC, the person said.

There is an ongoing dispute between those debtholders and the UAW over which group has been expected to take more draconian concessions to help GM and Chrysler survive. The bondholders are also concerned that the government loans to the automakers actually makes it less likely that they will be paid on the bonds they hold because the debts to the government must be paid back before the bonds do. The bondholders are likely to ask that the government guarantee at least a portion of the outstanding debt that was not swapped for equity.