GM pledges faster cost-cuts in return for bailout

4/12/2008 - 15:06

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WASHINGTON (Reuters) - General Motors Corp pledged to Congress on Thursday that it would accelerate labor and other cost cuts and try to reduce its mountainous debt in return for a government bailout.

"It's a blueprint for creating a new General Motors," Chief Executive Rick Wagoner said in prepared testimony for a U.S. Senate Banking Committee hearing. GM is asking the federal government for $18 billion in loans, including $3 billion by the end of December to ensure its survival.

Wagoner promised to execute a turnaround and said GM would overhaul its brands and seek to sell assets, including its Saab brand.

Wagoner said GM will accelerate its current efforts to reduce manufacturing and structural costs. It also "plans to engage" lenders, bond holders and unions to reduce debt, at the same time honoring warranty obligations to dealers and consumers.

GM has repeatedly dismissed bankruptcy as an option, due mainly to the impact of consumer confidence on its products, but company officials have said a bailout is necessary now to avoid failure.

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