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As we reported last week, General Motors has indeed made the decision to kill the Pontiac brand. The news comes as a part of a new viability plan (yes… another one) submitted to the federal government today.

The new plan will see Pontiac eliminated by the end of 2010, but that's not all… not by a long shot. Also included in the new proposal is a long list of drastic and sweeping changes that General Motors says are much needed in order to stay in business. Among the list of big changes is the fast-track dissolution of Saturn. Originally scheduled to be dismantled by the end of 2010, the plan now states that the niche brand will be eliminated by the end of this year.

Also on the chopping block are half of all current U.S. General Motors dealerships. Not surprisingly, GM's previous viability plan wasn't pessimistic enough, calling for 34 percent of the current 6,246 dealerships to close. That number is now a solid 50 percent.

Other major cuts include the closing of three plants and the loss of 7,000 more hourly workers. This would put the number of hourly workers at 40,000 - 7,000 less than the last viability plan said there would be and 21,000 less than there were in 2008.

In total GM will cut 14 models from its lineup, with just 34 different vehicles being offered in 2010.

Most importantly, however, is that General Motors will offer current debt holders stock in order to reduce the company's debt. But if too few debt holders cash in, then GM will go bankrupt. And that is looking quite likely as GM says it needs approximately 90 percent of its unsecured debt covered or else it believe the U.S. Treasury will not see the company as viable.

General Motors still faces the likelihood of filing for Chapter 11 but in the mean time it will run with its new viability plan and concentrate on its core brands: Chevy, Buick, Cadillac and GMC. With just over a month to go before the Obama Administration's June 1st deadline, however, nothing is really certain. Maybe there will be another viability plan? Maybe more will be cut…

More: R.I.P. Pontiac: General Motors Kills Iconic Brand on AutoGuide.com
 

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Lead Foot
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That really pisses me off. And its not even so much that i just bought a pontiac. This is all political crap and it makes me sick. I guess this will be one of those things when i will tell my kids in 20 years "ya, i remember when they still made pontiacs." (and then id probably say something about how i wish i still had that G6). i cant help but think the auto unions are somewhat to blame for this. rant over.
 

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Im not happy with the closing of the brand Pontiac! But I am happy that i will have a longer period to get my G8 GXP OR GT only if the the GXP is not available! But the good news is that the G8 GT is still a beast of a car! I test drove one for myself! so in reality i could Get a G8 GT and get a reflash to gain more power and add some minor tuner parts to it! I might not get the 415hp and 415tq like the GXP but i wont be far off!

What has accured to me is that The GTO is a 5.7L with 400hp but the G8 GT is a 6.0L producing 361hp! Wierd yes! But if I could make that 400hp mark in a G8 GT I would be happy!
 
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