General Motors Corp. will not make a $1 billion debt payment due June 1, its CFO, Ray Young, told reporters on Wednesday. Instead, it is hoping to complete a debt-for-equity exchange or be forced to resort to bankruptcy. GM's stock plummeted on the news. Meanwhile, if Fiat doesn't complete its deal with Chrysler by the April 30 deadline, the Italian carmaker could pursue a deal with General Motors instead, according to Reuters.