GM Seeks More Aid, GM Says No More Jobs/Plant Closures in Canada

The Canadian government says from the Sheridan Hotel it looks forward to working with GM, and it is glad that no more GM layoffs, or plant closures will be made in Canada. GM says it is committed to keeping 17%-20% of its total production in Canada. GM is still seeking billions more in bailout loans from the U.S. and Canada. The company says the Canadian bailout loans should be proportional to the U.S. loans in terms of cars produced. GM is also seeking lower labor costs and will require capital to pay off legacy costs including pension plans, as the current pension reserve is bankrupt.

In related news, automaker Saab has went into bankruptcy credit protection, as the company continues to struggle. Saab had a $340 million 2008 annual loss. The court order has given the company three months to reorganization as the company struggles to raise capital. The Swedish government said it will not provide additional aid. GM says it intends to sell off the Saab brand soon. Saab employees about 4,500 people mainly in Sweden.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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