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General Motors to close most US factories for two months

General Motors to close most US factories for two months

23 April 2009 12:42 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. General Motors is preparing to close most U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories, The Associated Press is reporting, citing two unidentified people briefed on the plan.

Neither knew when the shutdowns would occur, but both said the closures would include the normal two-week closure in July to change from one model year to the next.

The company has not yet notified workers. GM would not comment on the AP report.

Earlier today GM said it would not make its June 1 debt payment on about $1 billion in notes coming due.

The company faces a June 1 deadline to restructure or file for bankruptcy. Missing the debt payment pushes the automaker closer to bankruptcy court.

Meanwhile, the UAW says its talks with Chrysler and Fiat are continuing.

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