General Motors Corp., surviving on $15.4 billion in federal loans, is expected to announce Monday that it will kill the Pontiac brand but keep GMC as part of a tougher restructuring plan being overseen by the government, sources familiar with the automaker's plan said Friday.
GM has started reaching out to Pontiac dealers ahead of a public announcement about the brand's future, which will be part of the company's broader announcement expected early next week when it likely will unveil permanent plant closures, model cuts and a tougher offer to bondholders to slash the automaker's $28 billion in unsecured debt. The Detroit News has learned GM plans to notify members of Congress on Monday morning -- and has scheduled meetings with a few members of Michigan's delegation -- about plants that are to be shuttered. In its restructuring plan rejected by President Obama's autos task force last month, GM proposed shrinking Pontiac into a niche brand with one or two offerings. But the task force wants GM to cut deeper and faster, necessitating the decision to eliminate Pontiac, which leaves the automaker with four core brands: Chevrolet, Cadillac, Buick and GMC
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