GM kills Pontiac, cuts 23,000 jobs

General Motors announced plans to cut 23,000 U.S. jobs by 2011, drop its storied Pontiac brand and slash 40% of its dealer network in its latest bid to stay out of bankruptcy.

GM also announced an offer to its bondholders to swap $27 billion of the company's unsecured debt for stock. GM is offering bondholders 225 shares of its stock for every $1,000 it owes the bondholders in principal. The move will greatly dilute the value of GM shares held by current stockholders.

Still, shares of GM, a component of the Dow Jones industrial average, gained nearly 10% in pre-market trading following the announcement due to hopes that the company will now be able to avoid bankruptcy.

(Via CNN)

Comments

Anonymous said…
Wow. I saw that you have lots and lots of favorite movies in your profile. I like old movies too!
April 27, 2009 at 9:41 AM
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