The following post rounds up the companies making headlines today:
General Motors (GM) says, in filing Monday with the Securities and Exchange Commission, it will cut 21,000 U.S. factory jobs by next year and phase out its Pontiac brand as part of a major restructuring effort needed to get more government aid. It will offer 225 shares of common stock for every $1,000 in notes held by bondholders as part of debt-for-equity swap. GM shares gained some 7 percent in premarket trading.
Meanwhile, Chrysler LLC reached a tentative deal for concessions with the United Auto Workers union Sunday and is working on getting concessions from its debtholders and form an alliance with Fiat before the administration's deadline.