General Motors, Big Three | featured news

General Motors Corp. said it will cut 21,000 U.S. factory jobs by next year, phase out its storied Pontiac brand and ask the government to take more than half its stock in exchange for half of GM's government debt as part of a major restructuring that would leave current shareholders holding just 1 percent of the company.

General Motors Corp is set to announce on Monday an accelerated restructuring that would close additional plants and pave the way for a debt exchange by the struggling automaker, sources briefed on the plan said on Sunday.

General Motors (GM) has received another $2bn (£1.4bn) in loans from the US Treasury, it has been announced.

Despite plummeting sales, its per-share loss is about half of what analysts had predicted. Also today, GM borrows more federal funds, and reports point to Chrysler bankruptcy.

Automaker may halt production at some factories this summer to help cut stockpile of vehicles.

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.

General Motors Corp. could get as much as $5 billion more in federal loans, while Chrysler LLC could get $500 million as they race against government-imposed deadlines to restructure, according to a government report filed Tuesday.

General Motors Corp is cutting about 1,600 salaried jobs in the United States this week as it rushes to meet a June 1 deadline to restructure under U.S.

General Motors Corp is prepared to part with a controlling stake in Opel/Vauxhall for nothing but a pledge to invest directly in a new company formed from its European operations, the Financial Times said on Sunday, citing two people familiar with its plans.

Facing Obama administration demands that it move quickly to restructure, General Motors is apparently speeding plans to drastically trim its dealership network. Reuters reports, "General Motors Corp has told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, people with knowledge of the discussions said." General Motors currently supports more than 6,200 ...