3,400 white-collar cuts at GM

3,400 white-collar cuts at GM

Restructuring details not finalized yet

BY TIM HIGGINS
FREE PRESS BUSINESS WRITER

General Motors Corp., facing a probable bankruptcy, is making plans to cut about 3,400 additional white-collar jobs in the United States, the Free Press has learned.

GM has signaled that more salaried jobs would be lost as part of a stepped-up restructuring, but gave no details.

Earlier this year, GM cut 3,400 white-collar jobs from its U.S. operations as part of a global head-count reduction. People familiar with the planning, which has not been finalized, said the next round would be similar to the previous effort. That represents about 13% of GM’s salaried U.S. workforce of about 26,000.

GM declined comment.

Meanwhile, GM announced on Friday that it had received an additional $4 billion in federal loans and said it will owe the U.S. Treasury $21.4 billion by June 1, the deadline for meeting restructuring goals.

The troubled automaker achieved an important step Friday with the announcement of a tentative labor agreement with the Canadian Auto Workers union on the heels of a deal with the UAW on Thursday.

With a debt-reduction offer to GM bondholders expiring Tuesday and UAW ratification votes not slated until Thursday at some locations, it’s unlikely a filing — if it happens –will occur until June 1.

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