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GM to lay off 2,000 more workers on Fri Dec 05, 2008 11:55 am
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With Congress debating whether to give General Motors Corp. up to $18 billion in financing, the automaker announced 2,000 more layoffs today at three factories.
GM is eliminating a third shift in Orion Township; Lordstown, Ohio; and Oshawa, Ontario, starting in February, the latest moves in a series of factory layoffs this year for an automaker that also is cutting salaried staff to pare expenses and conserve cash.
GM is in danger of being unable to pay its bills this month without an immediate $4 billion loan from the federal government. In all, GM is asking for $12 billion in loans and a $6 billion line of credit to restructure its business and survive a downturn in the auto industry.
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GM is eliminating a third shift in Orion Township; Lordstown, Ohio; and Oshawa, Ontario, starting in February, the latest moves in a series of factory layoffs this year for an automaker that also is cutting salaried staff to pare expenses and conserve cash.
GM is in danger of being unable to pay its bills this month without an immediate $4 billion loan from the federal government. In all, GM is asking for $12 billion in loans and a $6 billion line of credit to restructure its business and survive a downturn in the auto industry.
Read More
