G.M.’s Plan Includes More Aid and Debt Exchange |
| New York Times - Apr 27, 2009 |
General Motors said on Monday that it needed $11.6 billion more in government loans and that it planned to file for bankruptcy protection if a debt exchange with its bondholders was unsuccessful.
G.M. also said that by 2010 it would phase out its Pontiac brand, eliminate 42 percent of its dealers, close 13 plants and cut 21,000 hourly jobs as part of its revised restructuring plan.
“We are taking tough but necessary actions that are critical to G.M.’s long-term viability,” G.M.’s chief executive, Fritz Henderson, said in a statement. “Our responsibility is clear — to secure G.M.’s future — and we intend to succeed. At the same time, we also understand the impact these actions will have on our employees, dealers, unions, suppliers, shareholders, bondholders, and communities, and we will do whatever we can to mitigate the effects on the extended G.M. team.”
Read Full Article from New York Times
- Posted: 2009-04-27 08:14:04
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