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Monday, April 27, 2009
GM outlines restructuring plan
Government's bankruptcy threat seems quite effective. GM ditched Pontiac brand, keeping Chevy, Cadillac, Buick and GMC. GM will also close 42% of its dealership stores. The plan also includes a debt-to-equity exchange program and bond holders will not be happy about the huge haircut. GM may eventually go to bankruptcy court.
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