EXCLUSIVE-UPDATE 1-GM readies all-equity offer for debt-sources

* All-equity conversion for bondholder, UAW debt-sources

* Offer to convert all $48 bln of debt into equity-sources

* Treasury could convert its own loans to GM stock-sources (Adds equity-based plan details, background from comments by GM CEO)

By Soyoung Kim and Emily Chasan

DETROIT/NEW YORK, April 17 (Reuters) - The Obama administration has directed General Motors Corp GM.N to prepare a new debt restructuring plan that would convert all of the $48 billion the automaker owes bondholders and its major union into equity, people briefed on the plan said on Friday.

The U.S. Treasury, which has provided $13.4 billion in emergency funding to keep GM operating since the start of the year, has indicated that it could also convert those taxpayer-backed loans into GM stock, the sources told Reuters.

GM plans to make the new proposals to bondholders and the United Auto Workers union within the next two weeks, the sources said.

The sources asked not to be identified because of the confidential nature of the talks between the automaker and President Barak Obama's autos task force, which is charged with retooling the U.S. auto industry.

GM representatives could not be immediately reached for comment. The Treasury Department had no immediate comment.