News release: “General Motors today presented an updated Viability Plan that will speed the reinvention of GM’s U.S. operations into a leaner, more customer-focused, and more cost-competitive automaker. The Viability Plan is included in an exchange offer whereby GM is offering certain bondholders shares of GM common stock and accrued interest in exchange for certain outstanding notes….[the plan] builds on the February 17 Viability Plan submitted to the U.S. Treasury. The revised Plan accelerates the timeline for a number of important actions and makes deeper cuts in several key areas of GM’s operations, with the objective to make us a leaner, faster, and more customer-focused organization going forward.”

• New York Times: “G.M. said it would eliminate another 21,000 factory jobs, close 13 plants, cut its vast network of 6,500 dealers almost in half and shutter its Pontiac division. By the time it is finished, G.M. expects to have only 38,000 union workers and 34 factories left in the United States, compared with 395,000 workers in more than 150 plants at its peak employment in 1970.”
• Carroll Publishing: “The U.S. Department of the Treasury said last week that the department has provided General Motors with another $2 billion in federal loans as the giant automaker struggles to restructure, according to The Associated Press. According to the AP: Treasury officials said that the payment was made to GM on Wednesday, April 22, 2009, and provides working capital to the company. A government report that was released earlier last week that the Treasury Department was prepared to provide GM with up to $5 billion more in federal loans and Chrysler with up to $500 million more in bailout support as they race against deadlines to restructure. GM has until June 1, 2009, to complete restructuring plans that satisfy the government’s Auto Task Force, while Chrysler has until Thursday, April 30, 2009.”
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