General Motors could soon be majority owned by the US federal government under a massive restructuring arrangement.
The plan laid out on Monday would cut 21 thousand US factory jobs by next year and phase out the famous Pontiac brand.
GeneralMotorsPresidentandCEOFritzHendersonaddresses
thecompaniesviabilityplaninDetroit,MondayApril27,
2009.(APPhoto/PaulSancya)
Once the world's largest automakers, General Motors, is currently living on 15.4 billion US dollars in government loans.
It also faces a June 1st deadline to restructure and get more government money.
If the restructuring doesn't satisfy the government, the struggling company could go into bankruptcy protection.
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