INTERVIEW-UPDATE 2-US nears framework plan for GM, Chrysler

* Obama admin. may have restructuring framework next week

* Panel also said nearing plan for parts suppliers

(adds supplier aid figure, separate plans for GM, Chrysler)

By John Crawley

WASHINGTON (Reuters) - The Obama administration's autos task force may have a framework plan in place as early as next week for restructuring General Motors Corp and Chrysler LLC, two lawmakers said Wednesday.

Michigan Representatives Sander Levin, a Democrat, and Candice Miller, a Republican, told Reuters in separate interviews the panel also was closing in on recommendations to help suppliers, possibly before month's end.

"It's really time critical," Miller said of suppliers. "They (task force members) are up to speed on how dire it is."

Deep industry production cuts due to slumping sales have severely squeezed revenue for suppliers, which have asked for $18.5 billion in government aid to survive.

Suppliers met again with the task force this week.

Levin and Miller met with task force members Tuesday along with other lawmakers.

The group was told the panel could have a report ready as early as next week that maps out recommendations for restructuring and the government's role in a turnaround.

"It won't be the final step but something significant," Levin said.

"They said they are two different companies and have different sets of circumstances, so they would have a different set of recommendations," Miller said of task force thinking on GM and Chrysler.

GM and Chrysler both say they need additional government bailout money to survive, and the administration appears willing to help under certain circumstances.

The two received $17.4 billion from the Bush administration in December and are asking for more than $22 billion now - more than $16 billion for GM and $5 billion for Chrysler.

The companies are under a March 31 deadline to show the government they can become viable and worthy of new federal assistance.

Levin said the panel also wants GM bondholders to "step up to the plate" before month's end on an automaker plan to reduce by two-thirds the roughly $27 billion they are owed through an exchange of new equity in a recapitalized company.

Bondholders have balked at a proposal, calling it unfair when compared to payout terms being offered to the United Auto Workers.

GM Chief Executive Rick Wagoner said Tuesday that he still hopes the company and bondholders can work something out without government help.

GM and Chrysler also are trying to complete talks on UAW concessions with a plan to partly fund a retiree health care trust with equity rather than cash still a sticking point in negotiations. (Reporting by John Crawley; Editing by Tim Dobbyn and Carol Bishopric)