[BonzoHansen]

Watching the news right now, GM will over next 3 years....

Cut 31000 jobs
Close 11 of 48 plants
Phase out 2000 dealers
Sell Saab
Sell Saturn

Edit: Add GM excerpt from article on WSJ site:
In the conference call on Tuesday, Mr. Henderson said GM is seeking $12 billion in loans and an additional credit line of $6 billion. In return, GM would be open to giving taxpayers warrants for company stock, a senior position in the company's lineup of creditors, and a promise to pay the money back sometime around 2012.

He said GM believes its North American operations can break even by 2012.

GM plans to begin discussions this week with bondholders and the United Auto Workers in an attempt to cut its debt load by $30 billion, or in about half. That initiative will include a an offer for investors to swap debt for equity in GM, and a restructuring of GM's obligations to a UAW health-care trust set to begin paying benefits to retirees in 2010.

The attempt to restructure the balance sheet is essentially an out-of-court bankruptcy reorganization, Mr. Henderson conceded.

To slim down its operations, GM told Congress it is looking at selling its Saab division, could sell or consolidate its Saturn brand and trim its vehicle line up to about 40 models from 60.

Mr. Henderson said that GM's sprawling manufacturing footprint will be at the same cost level as chief rival Toyota's "no later than 2012." GM will continue trimming jobs, structural costs and attempt to hire lower-cost workers in order to achieve or exceed that goal.