Pictures of cars » News » GM could remove four brands shortly and asks for more money

GM could remove four brands shortly and asks for more money

The American automaker General Motors (GM) need help 30 billion (€ 23.8 billion) of the U.S. government to avoid bankruptcy and provides for the elimination of 47,000 jobs worldwide, or nearly one-fifth of its staff.

Among the staff concerned, it is 10,000 salaried and 37,000 blue collar workers. Of the 47 000 jobs deleted, 26,000 will be on the outside of the United States.

The firm was asked Tuesday an additional loan of $ 16.6 billion (€ 13.2 billion). Mid-December, she had already received 13.4 billion (€ 10.6 billion) of loans. GM says plans have the option of bankruptcy, but it could cost up to 100 billion dollars (79.4 billion euros).

GM CEO Rick Wagoner emphasized that the new restructuring plan "is much more aggressive because we urgently need." For its part, the Chief Financial Officer Fritz Henderson stated that the firm was working on three hypotheses bankruptcy, and all would cost the federal government more than $ 30 billion.

However, Henderson explained, the federal government is the only one who can grant funding GM due to freezing of the credit market.

Refunds will range from 2012 2017, GM has precise and objective of a return to profitability is fixed at two years.

During the presentation of its restructuring plan to the Treasury Department, the company explains consider also the closure of five more plants in the United States, without specifying which ones and other sites around the world, including that of Strasbourg. In total, GM wants to reduce the number of plants from 47 in 2008 to 33 by 2012. This massive restructuring plan provides for including the closure of five other sites in the United States.

To cope with a crying need for liquidity, GM plans to sell the industrial site of its centenary subsidiary AC Delco Strasbourg, for an amount estimated at $ 1.5 billion (€ 1.19 billion), can be read in the GM restructuring plan, available online on the website of the American Treasury. "Negotiations are well underway," precise plan. The OEM AC Delco is particularly specialized in the production of filters, pumps, alternators and batteries.

Eight brands currently on the market, GM would retain more than four (Chevrolet, Buick, Cadillac and GMC) even if Pontiac will continue to remain a "niche importance" for GM. Similarly, the car models proposed increase from 48 in 2008 to 36 in 2012.

GM through the voice of its CEO, Rick Wagoner, announced that the firm was still in negotiation for the sale of the Hummer brand. GM has also put up for sale Saab added that the Swedish manufacturer could bankrupt at the end of the month and request the support of Stockholm. However, GM is working on a plan that would allow Saab to resume its independence by January 2010 while releasing GM's financial responsibilities vis-a-vis the Swedish.

GM could remove four brands shortly and asks for more money picture #1