General Motors Corp
GM has offered the United Auto Workers union $10 billion in cash, amortized over 20 years, and $10 billion of preferred stock with a 9 percent coupon, to fund the healthcare trust, CNBC reported.
Under the terms of GM's $13.4 billion government bailout, the automaker is required to reach an agreement with the UAW to cut its cash contribution to the trust, known as Voluntary Employee Beneficiary Association.
A spokeswoman for the UAW declined to comment on the CNBC report. A GM representative was not immediately available for comment.
CNBC also said GM has made new offers to the holders of about $28 billion of debt. Under the terms of the government bailout, GM is required to reduce that debt by two-thirds.
GM, which has requested more than $16 billion of additional emergency government loans, faces a deadline at the end of the month to reach agreements with creditors and demonstrate that it has a plan to become viable over the long term.
(Reporting by Soyoung Kim and Poornima Gupta)