WASHINGTON - TROUBLED US auto giant General Motors announced stepped-up cost-cutting plans on Monday that include an additional 7,000 to 8,000 production job cuts and the phasing out of the Pontiac brand.
The automaker, which is working on a new viability plan to get an extension of US government aid, also said it would seek to restructure US$27 billion (S$40.4 billion) in debt by offering a swap of common stock for bonds.
