General Motors CEO Fritz Henderson revealed on Friday that more job cuts are in the automaker’s future. General Motors is currently reworking its viability plan, with the latest job cuts now part of that revised plan. The Obama administration gave GM until June 1st to revise its viability plan or face bankruptcy.
According to The Detroit News, the job cuts will be included in GM’s revised viability plan, but Henderson failed to mention how many more jobs would be cut. It also remains unclear if the further cuts will come from hourly or salaried workers, or a mix of the two.
Henderson also called GM’s turnaround plan outside of bankruptcy courts “still feasibleâ€, but acknowledge time may be running out on that plan. GM is currently working with bondholders and the UAW to cut $27 billion in debt and $20 billion in retiree obligations.
GM’s revised viability plan still calls for four core brands – Chevrolet , Cadillac , GMC and Buick – with the fate of the Hummer brand expected to be announced by month’s end.
