OVERHAUL

GM Drops Dealerships

Will layoff another 23,000 to avoid bankruptcy.

GM is taking drastic measures to avoid—or rather, postpone the inevitiable—bankruptcy. The company announced this morning a new plan to restructure and rebrand, which includes laying off 23,000 employees, eliminating the Pontiac brand, closing several plants, and cutting their dealer network by 40 percent. GM, which owes $28 billion to bondholders, will now offer them to swap debt for company stock. The ailing company, which received a $15.4 billion loan from the government, is speeding up to reach its a June 1 deadline to restructure – but this its third attempt to reorganize in the last three months. Hopefully three time’s the charm.