General Motors reclame a loan of $ 12 billion to survive
The automaker General Motors says it needs a loan from the U.S. government for $ 12 billion (€ 9.4 billion) by March, Tuesday to Congress by presenting the outline of a plan restructuring.
General Motors stated seek to get up to $ 18 billion to the U.S. government: $ 12 billion in the form of loans, including $ 4 billion before the end of December, and a line of credit separee 6 billion dollars in case the economic conditions worsen.
"Without such assistance, the company will not settle its maturities at the end of the term close, possibly precipitating a total collapse of the national economy," announced General Motors, arguing that its failure would have an effect that would result from "severe consequences and long term effects on the U.S. economy."
"There is no plan B," admitted the director of operation of the manufacturer, Fritz Handerson. "Without support, frankly, the company simply can not fund its operations," said he added, saying that the company would need 10 to 12 billion dollars by March.
General Motors announced that it intends to implement by 2012 a restructuring plan that includes the elimination of 20,000 jobs was 30,000, closing nine plants and the reduction of 1,750 concessions.
The automaker has focus its future efforts on four brands: Chevrolet, GMC, Buick, Cadillac.
The boss Rick Wagoner group proposes to work for a dollar a year and senior officials of the company will agree to reduce their wages.
General Motors, Ford and Chrysler as, submitted a detailed plan to Congress in the hope of winning their support, for at least $ 25 billion in loans to help the automotive industry through the economic crisis.
Sales of vehicles manufactured by General Motors plunged 41% in the United States in November, compared with the same month of the previous year, while those of Chrysler fell by 47% and Ford 31%, according to results announcements by companies Tuesday.