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Last updated: November 7, 2016 - 12:35am
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General Motors presented a restructuring plan to Congress earlier this afternoon with hopes of receiving $12 billion in term loans that it believes will help ensure liquidity through the end of 2009. As part of the plan, General Motors revealed that it intends to focus on its "core brands" - Chevrolet, Cadillac, GMC, and Buick. Pontiac will become a "specialty" brand that sells niche vehicles. Saturn, Saab, and Hummer will be closed or sold.