GM told Congress that its restructuring plans include closing another five US factories and cutting 49K jobs globally. Even so, it needs up to $30B more in government bailout on top of $13.4B in federal loans it already has received to avoid bankruptcy in 2009.
Background
GM reported net loss of $15.71/share for 4th Q,’08 compared w/ $1.28/share loss in 4th Q,’07
GM lost $53.32/share in 2008 after losing $68.45/share in 2007