GM extends holiday shutdown, to cut production

Tools

GM extends holiday shutdown, to cut production

By Peter Neumann

DETROIT (AP) - General Motors is telling workers that it will extend its holiday shutdown or make other production cuts at up to 10 factories. It is fighting to stay solvent in the face of a huge slump in U.S. sales. No job cuts have been announced for Fort Wayne's truck assembly plant.

Union officials were told of the plans this morning.

GM and its Detroit counterparts are seeking billions of dollars in loans from the federal government. Congress is requiring the automakers to demonstrate plans to become viable before it will decide on the loans.

GM has announced thousands of factory layoffs so far this year
and is cutting salaried staff. It has said it could run out of cash
by the end of the year.

(Copyright 2008 by The Associated Press. All Rights Reserved.)




More Good Stuff

Icon
Current Temp 39.0 °F
Mostly Cloudy
Wind : Calm
Humidity : 89 %
Pressure : 1022.6 mb
More Weather

On Demand

Stock Quotes

This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.