US taxpayers would take a majority shareholding in GM under the carmaker’s sweeping debt-for-equity restructuring plan, unveiled on Monday in a bid to avoid bankruptcy. Under the plan, GM said it would shut 13 of 47 plants by end-2010, cutting an extra 7,000 jobs to reduce its US workforce to about 40,000 from 61,000 last year, and give up its Pontiac brand. The White House has set a June 1 deadline for GM to submit a viable turnround plan in exchange for more federal aid, or else face bankruptcy.

This entry was posted by Gwen Robinson on Tuesday, April 28th, 2009 at 5:08 and is filed under Capital markets. Tagged with gm. Edit this entry.