General Motors Corp.'s (GM) offer to exchange $27 billion in unsecured notes is "an important step" in the ailing auto maker's attempt to restructure, President Barack Obama's auto industry task force said Monday.

In a statement released by the White House, the task force said it hasn't made a final decision with respect to the government's current loan to GM or any potential future investments.

Earlier Monday, GM outlined the exchange offer plan, in which it would swap 225 common shares for each $1,000 principal amount of outstanding notes. The exchange will commence only if 90% of bondholders agree to the terms. Under the plan, if GM fails to get adequate participation, it will file for bankruptcy protection.

The auto maker, which also unveiled plans to cut 21,000 hourly jobs and eliminate its Pontiac brand by the end of next year, has an administration-imposed June 1 deadline to finalize its restructuring.

"The interim plan that GM laid out in (Monday's) filing reflects the work GM has done since March 30 to chart a new path to financial viability," the auto task force said. "We will continue to work with GM's management as it refines and finalizes this plan and with all of GM's stakeholders to help GM restructure consistent with the president's commitment to a strong, vibrant American auto industry."

 
  -By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256; henry.pulizzi@dowjones.com