General Motors last week revealed its second restructuring plan to the Obama administration's auto task force, which rejected the first plan.
The automaker now plans to:
By 2010, eliminate 1,000 to 1,200 dealerships judged to be poor performers.
Cut the dealership roster from 6,273 in 2008 to 3,605 in 2011 (figures do not include Saab).
Phase out the Pontiac brand in 2010.
Reduce its crushing debt with a stock-for-debt swap. GM said it will file for bankruptcy unless enough debt holders agree to take stock before a government-imposed June 1 deadline.
Accelerate plans to spin off, sell or close Hummer, Saturn and Saab. Their futures will be resolved this year.
Cut the number of U.S. assembly, powertrain and stamping plants to 34 by the end of 2010 from 47 in 2008.
Cut hourly workers to 40,000 in 2010 from 61,000 in 2008.
Break even at a U.S. sales volume of 10 million vehicles.