By: Tom Krisher and Kimberly S. Johnson
Source: The Ledger
General Motors Corp. would cut 21,000 and phase out the storied Pontiac brand, under a massive restructuring plan released today. And the federal government and the United Auto Workers would become the majority owners of the car company.
The restructuring, which includes an offer to swap roughly $27 billion in bond debt for GM stock, would leave current shareholders holding just 1 percent of the century-old company, which is fighting for its life in the worst auto sales climate in 27 years.
