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GM board reviews new turnaround plan for bailout
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Contributed by World News
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By Kevin Krolicki The board of General Motors Corp met on Sunday to review a restructuring plan intended to cut costs and win support for up to $12 billion (7.8 billion pounds) in emergency funding from the U.S. government, a person familiar with the deliberations said. Along with rivals Ford Motor Co and Chrysler LLC, GM is rushing to complete the business plans demanded by Congress as a condition of considering a $25-billion rescue package for the embattled industry. A GM spokesman said the automaker does not comment on board meetings as a matter of policy. "We are moving ahead towards delivering the plan," GM spokesman Tom Wilkinson said. Privately held Chrysler, which...
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