GM plans to announce stepped up cost cuts

ERJ staff report (TB)

Detroit, Michigan (Reuters) — General Motors is set to announce later today an accelerated restructuring that would close additional plants and pave the way for a debt exchange by the struggling automaker, sources briefed on the plan said on Saturday.

CEO Fritz Henderson has scheduled a news conference for Monday morning (US time) to discuss the automaker’s revised viability plan. He had said earlier in April that GM would provide more frequent updates.

The accelerated restructuring plan to be announced by Henderson will also…

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