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General Motors to cut 47,000 jobs and says needs $US30bn in loans
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 2009-02-17 |
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