General Motors (GM) to lay off 21000 jobs in the US.
USCV: Back in February they cut 10000 jobs, now the plan is to reduce GM’s debt by £30 billion before the 1st of June, which is the deadline set by President Obama to revamp its business. For GM to do this, they need to:
- Cut 21000 jobs from their workforce. These job losses will take place over the next year.
- The plan also 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.
If the plan or debt exchange isn’t successful GM will file for bankruptcy protection somewhere around the 1st of June 2009. (not much time!).
Job losses = 21000
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