General Motor Bussiness Plan
General Motors Corporation
Restructuring Plan for Long-Term Viability
Submitted to Senate Banking Committee & House of Representatives Financial Services Committee
December 2, 2008
TABLE OF CONTENTS Page 1. INTRODUCTION ...........................................................................................................4 2. BACKGROUND .............................................................................................................6 3. THE PROBLEM ..............................................................................................................7 4. CONSEQUENCES OF FAILURE ..................................................................................8 5. TEMPORARY FEDERAL LOAN ..................................................................................9 5.1 Capital Structure Considerations ...........................................................................11 5.2 Stakeholder Considerations ...................................................................................13 5.3 Loan and Funding Protocol ....................................................................................14 5.4 Taxpayer Protections .............................................................................................14 5.5 Shareholder and Management Sacrifices ...............................................................15 5.6 Corporate Aircraft ..................................................................................................15 5.7 GMAC Considerations...........................................................................................15 5.8 Pension and Healthcare Considerations .................................................................16 6. PRINCIPAL RESTRUCTURING PLAN ELEMENTS ...............................................17 6.1 Marketing and Retail Operations ...........................................................................18 6.2 Manufacturing Cost Reduction
Restructuring Plan for Long-Term Viability
Submitted to Senate Banking Committee & House of Representatives Financial Services Committee
December 2, 2008
TABLE OF CONTENTS Page 1. INTRODUCTION ...........................................................................................................4 2. BACKGROUND .............................................................................................................6 3. THE PROBLEM ..............................................................................................................7 4. CONSEQUENCES OF FAILURE ..................................................................................8 5. TEMPORARY FEDERAL LOAN ..................................................................................9 5.1 Capital Structure Considerations ...........................................................................11 5.2 Stakeholder Considerations ...................................................................................13 5.3 Loan and Funding Protocol ....................................................................................14 5.4 Taxpayer Protections .............................................................................................14 5.5 Shareholder and Management Sacrifices ...............................................................15 5.6 Corporate Aircraft ..................................................................................................15 5.7 GMAC Considerations...........................................................................................15 5.8 Pension and Healthcare Considerations .................................................................16 6. PRINCIPAL RESTRUCTURING PLAN ELEMENTS ...............................................17 6.1 Marketing and Retail Operations ...........................................................................18 6.2 Manufacturing Cost Reduction