by Calculated Risk on 7/15/2008 08:56:00 AM

From Reuters: GM to cut jobs, raise liquidity by $15 billion

General Motors said ... it would cut white-collar employment costs by 20 percent, sell up to $4 billion of assets, and borrow at least $2 billion in a bid to bolster its liquidity by $15 billion through 2009.

GM also said it would suspend its common stock dividend in a restructuring driven by high fuel prices, a shift away from trucks and SUVs, and the lowest U.S. industrywide auto sales in a decade.