Another brand down:
The storied Pontiac brand is dead and more car factories and jobs are about to disappear — the latest casualties of a massive restructuring plan that GM is counting on to help it stave off bankruptcy protection.
The struggling automaker will announce details of its plan at 9 a.m. ET Monday as it makes an offer to its bondholders to swap debt for company stock. GM (GM) owes $28 billion to large and small bondholders, and under Securities and Exchange Commission rules, it must disclose its operational plans when it makes an exchange offer.
The last time we talked about cars, someone mentioned that there hadn’t been a “fun” Pontiac in years. I’m not really much into cars- again, I was content driving an 83 Chevy Celebrity forever and would still be driving it had it not died. For me, cars get you from point A to point B, so I never really think of them as “fun.” However, I did think about it, and if I had to say any particular car was “fun,” it would be the Jeep. My roommate Nate and one of my best friends on the lacrosse team, Drew, both had Jeeps, and when I look back, some of my fondest memories were riding in those Jeeps with my friends and our girlfriends, heading to the lake, heading to a game, coming home from practice, going caving, going hiking, etc.
I hope they find a way to save Jeep.