General Motors Seeks Additional $4.5 Billion, Plans to Cut 45k Jobs

(CEP News) - General Motors needs another $4.5 billion in government loans, even as it plans to cut 45,000 jobs by the end of 2009, the automaker said in its restructuring plans released Tuesday.

The additional loan request is on top of the $9.4 billion already received from the U.S. government.

GM said it had considered and rejected three bankruptcy scenarios as part of its plan.

The automaker said its planned plant closures will bring its total number of plants to 33 by 2012 from 47 at the end of 2008.

GM said it expects to reach a deal with the Canadian government and the CAW union by the end of March

By Stephen Huebl, shuebl@economicnews.ca, edited by Sarah Sussman, ssussman@economicnews.ca

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