GM unveils plans to axe plants, jobs, dealerships

General Motors Corp announced plans yesterday to slash plants, hourly workers and dealers and to eliminate its Pontiac brand in an effort to meet government demands for a quicker and deeper restructuring.

The new viability plan was announced as GM filed plans for an exchange of $27.2 billion of bonds with the US Securities and Exchange Commission, warning that it would seek bankruptcy protection if the offer did not receive sufficient interest.

GM said the new plan called for deep cuts by the end of 2010: reducing the number of US plants to 34 from 47, slashing the US hourly workforce by about 21,000 to 40,000 and cutting its dealer network to 3,605 from 6,246.