holy carp
Posted: 27 Apr 2009, 23:52
Pontiac, Hummer, Saab, Saturn officially dead; GM dealers, workers slashed.
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Offering tens of billions in crucial debt-for-equity swaps, announcing the official death of the Pontiac division and winding-up a one-hour news conference today by calling for new management to reflect his company's evolving corporate structure, General Motors CEO Frederick "Fritz" Henderson, 51, also said that there is a "greater chance" for a GM bankruptcy than just a few weeks ago.
"We need to win, not merely survive," said Henderson, "doing it (restructuring) once and doing it now."
Hummer, Saab and Saturn will all build their last models this year, Henderson said.
But the biggest product news, though coming as no surprise, was still something of a shock to hear as it was made official after weeks of rumor: Pontiac, next to Chevrolet the most successful entry-level, racing and high-performance division in GM, which created the GTO and the Firebird Trans-Am (and some unfortunates, including the Aztek SUV), will be phased-out entirely by the end of 2010.
<!-- m -->http://www.huffingtonpost.com/steve-par ... 91799.html<!-- m -->
Offering tens of billions in crucial debt-for-equity swaps, announcing the official death of the Pontiac division and winding-up a one-hour news conference today by calling for new management to reflect his company's evolving corporate structure, General Motors CEO Frederick "Fritz" Henderson, 51, also said that there is a "greater chance" for a GM bankruptcy than just a few weeks ago.
"We need to win, not merely survive," said Henderson, "doing it (restructuring) once and doing it now."
Hummer, Saab and Saturn will all build their last models this year, Henderson said.
But the biggest product news, though coming as no surprise, was still something of a shock to hear as it was made official after weeks of rumor: Pontiac, next to Chevrolet the most successful entry-level, racing and high-performance division in GM, which created the GTO and the Firebird Trans-Am (and some unfortunates, including the Aztek SUV), will be phased-out entirely by the end of 2010.
