http://www.telegraph.co.uk/finance/news ... -plan.html wrote:GM to eliminate Pontiac brand in radical new rescue plan
The US government could end owning up to half of General Motors under a new plan that will wipe out $44bn (£30bn) of the ailing carmaker's debt, eliminate 21,000 jobs and herald the death of the muscle-car Pontiac marque.
The plan – which requires an extra $11.6bn in US funds – is a final attempt by GM chief executive Fritz Henderson to keep the company out of the bankruptcy courts ahead of the June 1 deadline set by the US Treasury.
However, Mr Henderson, who took over the company after predecessor Rick Wagoner was forced out by the Obama administration, said: “If we have to go into bankruptcy, we will.”
Hmmm... the plan to wipe out $44 billion in debts requires an extra $11.6 billion in funds - so is that $55.6 billion in debt all up? OMG we're trapped in a deep dark hole - dig faster!
Bye bye Pontiac - the 10 year old Tama will miss you - the current Tama couldn't care less