Its recession time for GM...

Recession hasn’t left any company. The US big car makes General Motors
has faced heavy losses for the past financial year. United Auto
Workers' officials had a meet to decide on how many more US Factory
jobs of GM will be cut in the last bankruptcy week of IN. In order to
get aid from US government for the companies running in bankruptcy
they must initially show all their losses, and also in due course
prove how they are going to cut costs and reduce debts. GM which
already received more than 20 billion dollars as aid from government is
struggling to cut costs and reduce its already prevailing debts. If
they don do so they can’t continue to receive aid from goverment. GM is
already expecting a aid for next June month which is doubted because
it is not able to handle the company's finances properly. This has
been a grueling restructuring process and everyone are feeling the
crunch of it. A new contract has been made which will cut labor costs
in Canada by almost 25 percent. GM is still in hopes of getting the
rest of promised aid from US government.