GM News - USA - Automaker is dragged down by losses in its North American division
GM loses $4.8 billion in the fourth quarter - Restructuring costs
DETROIT,Mich,USA -The Detroit News, by Bill Vlasic & Brett Clanton -Jan 26, 2006: -- General Motors Corp. closed the books Thursday on a miserable 2005, but in the process took major steps toward downsizing its North American auto operations and resolving its long-term pension obligations at bankrupt Delphi Corp... GM's staggering $8.6 billion loss last year was the second worst in its history, underscoring the automaker's dismal performance in the U.S. market and its crippling problems with excess factories and health care costs... But the huge loss was due in part to $3.6 billion in charges taken in the fourth quarter to fund the cost of factory closures and long-term pension and benefit obligations to former GM workers employed at Delphi... GM also disclosed that it is in discussions with the UAW on "an accelerated attrition program" that could pave the way for a wave of early retirements in its hourly work force... By some estimates, about half of GM's 105,000 blue-collar workers in the United States will be eligible to retire by 2007 with 30 years of service...
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