Blog: Restructuring plans
Dave Leggett | 19 February 2009
The GM and Chrysler plans submitted to the US government take a bit of absorbing once you get past the main highlights and look at what the implications may be. What will become of GM's European brands/operations and also what might be going on with Saturn (must admit, I thought it had had a reprieve) are just two areas for discussion among many. If you have time to read them, the full plans are available to read online. The detail in them is interesting, to say the least. Worth a read.
One of the things I really like about the US system of government is that reports like this get made public in a full disclosure kind of way. It tends not to happen quite like that in Britain (I'm imagining a parallel dimension in which a failing MG Rover Group in 2005 submits a similar viability plan to the UK government in return for low-interest finance - it actually got a bailout loan, controversially, near the end, but it was nothing like this US process...).
General Motors' latest restructuring plan, submitted to the US government last night, dooms about 46,000 jobs (20,000 in the US), five additional factories, the Saab, Hummer and Saturn brands, over 2,...
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