General Motors announced Monday it will cut 21,000 jobs and phase out its Pontiac brand by 2010 as a part of a restructuring plan.
The automaker also unveiled details on its plan to exchange $27.2 billion of bonds with the U.S. Securities and Exchange Commission. The Obama administration’s imposed deadline of June 1, puts General Motors under pressure to act, after already having received $15.4 billion in federal loans and still finding itself in dire need for more.
If GM fails to please the government with its restructuring, the company could go into bankruptcy protection.
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