WDET News
- GM Delivers Viability Plan To Congress
-
Dec 2, 2008Automotive & Business - Link to Audio
General Motors has delivered its corporate viability plan to Congress. Detroit Public Radio’s Jerome Vaughn has more.
SOQ
Congressional leaders said the survival plans from General Motors, Ford and Chrysler were a pre-condition to considering a 25 billion dollar loan package.
General Motors says it will trim its product offerings to four major brands – selling off or consolidating others – including Pontiac and Saturn. GM will also eliminate up to 30-thousand jobs – and close several plants.
CEO Rick Wagoner laid out General Motors financial need during a conference call.
“Our plan requests that the federal government make available 12 billion dollars in short term loans – along with a six billion dollar line of credit.”
Including the Chrysler and Ford viability plans…the total loan requests have risen to 34 billion dollars.
The CEO’s of the Detroit automakers will appear before Congress again later this week.