GM Wants $16B More, Will Cut 47K Jobs

By John Johnson,  Newser Staff
Posted Feb 17, 2009 5:42 PM CST
Salesman Scott Gust places a zero percent financing sticker onto a Chevrolet Trailblazer vehicle at an Ostron dealer Tuesday, Dec. 30, 2008, in Montebello, Calif.   (AP Photo/Nick Ut)
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(Newser) – GM says it will need an additional $16 billion in federal aid to stay afloat, the Detroit News reports. The automaker laid out its restructuring plan for the Obama administration today, requesting $2 billion next month and another $2.6 billion in April to avoid bankruptcy. GM also will shed 47,000 jobs worldwide this year, including 20,000 in the US. The company will shut five more American plants as part of its plan to return to profitability in two years.