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GM may close plants for up to 9 weeks this summer

Published: 22/04/2009 05:00

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General Motors is expected to announce Friday it’s cutting about 170,000 vehicles from its planned production this year, closing factories for as long as nine weeks this summer, according to a Detroit News report.

An employee works at the exhibition hall of the headquarters of General Motors Corp. (GM) in Detroit, the United States, April 14, 2009. GM announced Monday that it would cut 1,600 white-collar workers this week as a step to cut costs that could help the automaker qualify for more government aid. (Xinhua Photo)

U.S. Auto sales, which were down 38 percent in the first quarter, remain downward pressure in April. The biggest U.S. automaker may have to cut production to save money.

GM is racing a 60-day deadline U.S. President Barack Obama announced on March 30. It keeps afloat with 13.4 billion dollars in U.S. loans and scrambles to reach an accord with bondholders and the United Auto Workers union.

But the company’s chief financial officer Ray Young said Wednesday that a GM bankruptcy filing was “probable” and that the automaker was unlikely to make a 1-billion-dollar debt payment due June 1 to bondholders.

VietNamNet/Xinhuanet

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