CHICAGO, April 27 (Xinhua) -- General Motors presented on Monday an updated viability plan that will lay off more U.S. workers.
GM's hourly workers will be shed by 7,000 more than outlined in the February plan, from 61,000 to 40,000 by 2010. Salaried employees are also expected to be cut further.
GM, surviving on 15.4 billion dollars in U.S. loans and seeking more, launched a very dilutive debt-for-stock exchange offer for 27 billion dollars of its unsecured bonds. If the swap is successful, bondholders will own about 10 percent of the company. If not, it will file for bankruptcy protection.
As part of the revised viability plan, GM in the U.S. will focus its resources on four core brands, Chevrolet, Cadillac, Buick and GMC. The Pontiac brand will be phased out by the end of 2010.
The file photo taken on April 14, 2009 shows a "GM next" board inside the GM headquarters in Detroit, the United States.