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Tuesday, February 17, 2009

GM asks for $16.6 billion, to cut 47,000 Jobs

by Calculated Risk on 2/17/2009 06:08:00 PM

UPDATE2: Here is the GM Restructuring Plan (ht fallonPDX)

Update: The title was based on a WSJ headline. Here are some stories:

From CNBC: GM Needs Up to $30 Billion in Aid to Avoid Failure

General Motors said on Tuesday it could need a total of up to $30 billion in U.S. government aid—more than doubling its original aid—and would run out of cash as soon as March without new federal funding.
The GM restructuring plan of more than 100 pages was posted on the U.S. Treasury Web site.
From the WSJ: GM, Chrysler Release Viability Plans
General Motors Corp. on Tuesday said it will need as much as $16.6 billion in additional aid from the U.S. government and could run out of money as soon as next month if it doesn't receive at least some of that funding.

[GM] ... laid out a plan to close more factories, eliminate thousands of dealerships and slash 47,000 jobs this year around the world.

GM, however, said it failed to strike critical deals with the United Auto Workers union and bondholders to reduce labor costs and shrink its $47 billion debt load. Negotiations with both parties are expected to continue.