GM to Eliminate Pontiac Brand, Cut More than 21,000 Jobs

General Motors has announced plans to eliminate the Pontiac brand and cut more than 21,000 jobs by the end of 2010 as part of an aggressive restructuring plan that will help the auto giant avoid entering bankruptcy.

The announcement came on Monday as GM revealed an offer to their bondholders that would clear up some of their $28 billion in debt. That offer included a debt for company stock swap.

GM has been facing extreme pressure to remain viable as the auto industry remains mired in a financial collapse. To answer those calls GM has said they would not only cut jobs but also slash their manufacturing facilities from 47 to 34 and cut the number of dealerships to 3,605, a dramatic shift from the 6,246 dealerships in 2008.

Pontiac will become a casualty of the restructuring plan as efforts to market the brand as a performance-based vehicle have failed to inspire buyers. Pontiac will not be the only brand on the cutting floor as GM plans to focus exclusively on just four brands, Buick, Cadillac, Chevrolet and GMC.

GM’s restructuring plan comes as they face a government-imposed June 1 deadline that would force them into bankruptcy if they did not straighten out their financial situation.

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