REFILE-GM board reviews new turnaround plan for bailout

lunes 1 de diciembre de 2008 03:43 CET

(Corrects typographic error in statement from Chrysler)

By Kevin Krolicki

DETROIT Nov 30 (Reuters) - The board of General Motors Corp (GM.N: Cotización) met on Sunday to review a restructuring plan intended to cut costs and win support for up to $12 billion in emergency funding from the U.S. government, a person familiar with the deliberations said.

Along with rivals Ford Motor Co (F.N: Cotización) and Chrysler LLC, GM is rushing to complete the business plans demanded by Congress as a condition of considering a $25-billion rescue package for the embattled industry.

A GM spokesman said the automaker does not comment on board meetings as a matter of policy. "We are moving ahead toward delivering the plan," GM spokesman Tom Wilkinson said.

Privately held Chrysler, which is owned by Cerberus Capital Management, said on Sunday its board would also convene to review its revised turnaround plan ahead of Tuesday's deadline for submission to lawmakers.

"Chrysler is fine-tuning its original plan to meet the recent request from congressional leadership," Chrysler spokeswoman Lori McTavish said. "The company's board will be part of the final review process leading up to Tuesday's submission."

Ford spokesman Mark Truby declined to comment on when the automaker's board would review the plans it will submit to Congress.

The GM board meeting came on the same day that United Auto Workers president Ron Gettelfinger signaled his union was prepared to offer further concessions in order to win support for the bailout provided management shared in the sacrifice.   Continuación...