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February 18, 2009

Auto Giants Request Additional $21.6B; GM to Cut 47,000 Jobs
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The auto giants General Motors and Chrysler have asked the government
for another $21.6 billion in federal aid. The companies say they need
the money to avoid filing for bankruptcy. GM also unveiled a plan to cut
47,000 more jobs; close five North America plants; and drop several
brands, including Saturn and Hummer. General Motors CEO Rick Wagoner
said the company wants to avoid bankruptcy.

GM CEO Rick Wagoner: “Based on our analysis, we continue to believe that
bankruptcy would be a highly risky and very costly process, potentially
very time-consuming, that should only be undertaken as a last resort. So
our focus, our primary efforts continue to be on transforming our
business and executing GM’s viability plan outside of bankruptcy court.”

GM has already received some $13.4 billion in loans under the auto
industry bailout. It says it would need as much as $100 billion in
government financing if it goes through bankruptcy.



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