GM kills Pontiac, cuts 23,000 jobs

General Motors announced plans to cut 23,000 U.S. jobs by 2011, drop its storied Pontiac brand and slash 40% of its dealer network in its latest bid to stay out of bankruptcy. GM also announced an offer to its bondholders to swap $27 billion of the company’s unsecured debt for stock. GM is offering bondholders 225 shares of its stock for every $1,000 it owes the bondholders in principal. The moves are GM’s latest efforts to cut costs and stem losses that have dogged its North American auto operations since 2005. But Monday’s restructuring announcement goes much further than the viability plan GM unveiled to President Obama’s auto industry task force in February. – From CNN Money