General Motors announces several restructuring plans in hopes of beating bankruptcy. GM says it will ask the government to take more than half its stock in exchange for half of GM's government debt. The automaker plans to eliminate 21,000 factory jobs by next year. They will also phase out the Pontiac brand.
General Motors faces a June 1st deadline to submit a restructuring plan to the government in order to get more financial help and stay away from bankruptcy.
Pontiac has been arond for 83 years. The GTO was part of the birth of the muscle car era.
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