DETROIT(AP) - General Motors says it will announce details of
its restructuring plan today ahead of making an offer to
bondholders to exchange debt for equity.
The struggling automaker is expected to outline the fate of
several of its brands and is likely to announce further cuts to
comply with government restructuring demands.
The company says the 9 a.m. EDT news conference will include
Chief Executive Fritz Henderson and other officials. GM is expected
to announce that it will scrap its Pontiac brand and may offer
details of planned factory closures.
General Motors Corp. is living on $15.4 billion in government
loans and faces a government-imposed June 1 deadline to restructure
or go into bankruptcy protection.
One of the people briefed on the plan said GM will accelerate
many cuts previously planned for 2014 to instead take place between
now and 2010, although specifics were not available.