No More Pontiac
In a rebranding and restructuring plan in order to avoid bankruptcy, GM will dissolve the Pontiac brand as well as close more factories and cut more jobs, according to the Star Tribune.
The automaker made the announcement before a planned offer to its bondholders to exchange bonds for stock in the company, in order to comply with SEC rules.
Two people associated with GM told the Star Tribune that more than the 5 already announced factory closings would take place, but did not announce which ones.
Both people also said the plan would included killing the Pontiac brand, famous for the Grand Am and GTO.
The Wall Street Journal also reported an announcement would be made Monday regarding the restructuring plan, and that the company must meet a June 1st deadline set by President Obama to either restructure or file for bankruptcy.