7,500 GM Workers Accept Buyout

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7,500 GM Workers Accept Buyout

By Zacks Investment Research on March 27, 2009 | More Posts By Zacks Investment Research | Author's Website

Auto giant General Motors Corp. (GM) announced that 7,500 of its workers have accepted buyout packages.

The stock has jumped over 10% as investors welcomed the news. However, volumes are at lower-than-usual levels.

The UAW-represented workers, who will leave by Apr. 1, were offered $20,000 cash and a vehicle voucher of $25,000 as part of the deal.

GM, which is struggling amid a worsening recession, borrowed $13.4 billion from the federal government in December and has asked for another $16.6 billion aid.

Analysts have cut estimates for this year by $3.60 over the past month and by $5.27 over the past 60 days in anticipation of an extremely difficult scenario for the auto major.

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