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| General Motors to cut 47,000 jobs and says needs $US30bn in loans |
| 2009-02-17 |
| GENERAL Motors plans to cut 47,000 jobs worldwide, including 26,000 outside of the US, as part of a massive restructing plan, the company said today. GM also said it could need up to $US30 billion ($47billion) in loans by 2011. General Motor's Swedish unit Saab could file for bankruptcy protection "as early as this month'' if the US automaker does not obtain support from the Swedish government, GM said. The announcement came as part of a massive restructuring plan GM submitted to the US Treasury as part of the terms of a $US13.4 billion loan. With auto sales tanking, GM said it could need up to $US16.6 billion dollars more by 2011. GM announced last year plans to try to find a buyer for the troubled Swedish brand. "Given the urgency of stemming sizeable outflows associated with Saab operations, GM is requesting Swedish government support prior to any sale,'' GM said in the 117-page plan. "The company has developed a specific proposal that would have the effect of capping GM's financial support, with Saab's operations effectively becoming an independent business entity effective January 1, 2010. Meanwhile Chrysler wants another $7 billion in US Government aid |
| Posted by:tipper |
| #4 What strings are attached to the money? More money into Donk reelection coffers. You don't expect such people to live on their public pay do you? |
| Posted by: Procopius2k 2009-02-17 21:59 |
| #3 Why does GM need $30 billion if they are not selling cars and are laying off 47,000? Seems like throwing good money after bad money. What strings are attached to the money? |
| Posted by: JohnQC 2009-02-17 21:44 |
| #2 No problem. 30 billion divided by 300 million people is only $100 each. That's $100 from me, another from my wife, another from each of three kids... We'll be happy to chip that in if they just CANCEL THE F'ING $800 BILLION STIMULUS PLAN! |
| Posted by: Darrell 2009-02-17 21:05 |
| #1 Throwing good money after bad is becoming a habit for you guys. |
| Posted by: Bright Pebbles the flatulent 2009-02-17 20:20 |