General Motors announce more cutbacks and the end of Pontiac
General Motors are planning to axe US dealerships by a further 42 percent to 3,600 and accelerate job cuts as it struggles against time to avoid seeking bankruptcy protection.
US President Barak Obama’s administration has set a June 1st deadline for the car manufacturer to restructure and reduce its debt burden by $44 billion after injecting $15.4bn into it so far this year..
Fritz Henderson, who was parachuted into the top job to replace previous boss Rick Wagoner, also revealed that the historic Pontiac brand is to be eliminated by the end of next year as the company focuses on its Chevrolet, Cadillac, Buick and GMC brands.
GM is suffering more than most as the global recession at first exposed and then worsened its long-standing financial problems.
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