A senior executive at General Motors Corp. (GM) said Thursday that a new union contract required for its survival may look significantly different that the deal cut by workers' representatives this week with Ford Motor Co. (F).

GM needs to secure concessions from its union, creditors and other stakeholders to keep and expand the U.S. government aid it says is essential for its survival.

"We need to analyze what they agree to and make sure we come to an agreement that's competitive and works with our viability plan," GM chief financial officer Ray Young told reporters after the company reported a $9.6 billion loss for the fourth quarter.

GM is racing to strike a deal with the United Auto Workers union that alters how the company funds a massive, union-run trust that will cover retiree medical costs starting in 2010. GM wants to cover much of its obligation in equity rather that cash to preserve liquidity.

Ford and the UAW reached an accord earlier this week which would allow the auto maker to support its health care fund for retirees with a combination of equity and cash. Previously it faced the prospect of making the $10 billion in payments due next year only in cash.

Typically, agreements between the UAW and Detroit's three auto makers involve similar terms. But Ford, the only one of the three not surviving on federal aid, has more liquidity than either GM or Chrysler LLC.

GM's situation is complicated by a parallel set of negotiations underway with bondholders. The auto maker is looking to bondholders to swap at least two-thirds of $27 billion in debt obligations for equity in a restructured company.

A committee representing bondholders is pushing for more sacrifice from the other parties, including the UAW. he U.S. government won't penalize

-By Sharon Terlep; 248-204-5532; sharon.terlep@dowjones.com (Jeff Bennett contributed to this article)