GM to announce restructuring moves

Brand changes likely to come

Updated: Sunday, 26 Apr 2009, 6:53 PM MDT
Published : Sunday, 26 Apr 2009, 6:42 PM MDT

DETROIT(AP) - General Motors says it will announce details of its restructuring plan on Monday ahead of making an offer to bondholders to exchange debt for equity.

The struggling automaker is expected to outline the fate of several of its brands and is likely to announce further cuts to comply with government restructuring demands.

The company says the 9 a.m. news conference will include Chief Executive Fritz Henderson and other officials. GM is expected to announce that it will scrap its Pontiac brand and may offer details of planned factory closures.

General Motors Corp. is living on $15.4 billion in government loans and faces a government-imposed June 1 deadline to restructure or go into bankruptcy protection.

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