DETROIT FREE PRESS
GM: $2 billion in aid needed by March, $30 billion needed overall
http://www.freep.com/article/20090217/BUSINESS01/90217064/GM+to+cut+47+000+jobs+this+year
The automaker plans to shed 47,000 jobs worldwide this year, close 14 U.S. plants over the next three years, kill four brands and plot a course to become profitable by 2012. Those plans depend on cuts from bondholders, UAW workers and retirees, some of which have yet to be agreed to.
DETROIT NEWS
GM says it needs billions more by next month to stay afloat
http://www.detnews.com/apps/pbcs.dll/article?AID=/20090217/AUTO01/902170426
Those new details include:
-- Eliminating 47,000 workers -- 37,000 hourly workers and 10,000 salaried
workers -- around the world this year, including 20,000 workers in the U.S.
In the Dec. 2 submission to Congress, the automaker said it would cut up to
31,000 jobs.
-- Shuttering five more plants in North America, bringing the total to 14 plant
closures within the next three years.
-- GM continues to talk to dealers about the future of the Saturn brand, which
could be eliminated in 2011 unless dealers come up with an alternative.
-- GM has several parties interested in buying the Hummer brand, but the brand
could be eliminated by the end of March if a deal is not reached.
-- GM is negotiating a deal for Saab with the Swedish government, but if none is
reached, the subsidiary could file for reorganization this month or next. That
would leave GM with four core brands: Chevrolet, Cadillac, GMC and Buick.
The Detroit automaker's cash needs have grown as the industrywide sales market has tanked in recent months.
GM Presents U.S. Government Updated Plan for a Viable, Sustainable Company
Full GM Report
http://media.gm.com/us/gm/en/news/govt/docs/plan.pdf
Note page 67 which applies to Lordstown