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GM reduces more jobs & plants
GM plans deep plant, job cuts
Posted Monday, Apr 27, 2009, 10:05 am in Employee News
General Motors Corp today announced it plans to reduce its U.S. plants from 47 to 34, cut its U.S. hourly workforce by about 21,000 to 40,000, cut its dealer network in half and eliminate the Pontiac brand in an effort to meet government demands, according to Reuters.
Under the new viability plan, GM hopes to cut $44 billion of liabilities through a bond exchange and by adjusting the funding of a healthcare trust for United Auto Workers union retirees that would be funded half by GM equity. GM said bondholders would hold about 10 percent of the company after a successful exchange offer.
The White House task force called the bond exchange an important restructuring step. (Reuters)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
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