General Motors Corp’s restructuring plan includes phasing out their Pontiac brand.
Wired PR News – General Motors Corp.’s new plan for restructuring includes massive job cuts and phasing out one of their most recognized brands. As reported by the Associated Press (AP), the automaker laid out the plans on Monday to cut 21,000 jobs in United States factories, and getting rid of their Pontiac brand.
As noted by the AP, the plan could also give the federal government majority ownership of GM stock in exchange for billions canceled in loans as of June 1.
President Barack Obama’s administration is quoted in the report as releasing the statement, “The interim plan that GM laid out in this filing reflects the work GM has done since March 30 to chart a new path to financial viability. We will continue to work with GM’s management as it refines and finalizes this plan and with all of GM’s stakeholders to help GM restructure consistent with the president’s commitment to a strong, vibrant American auto industry.”
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