Business Brief

FEDS COULD OWN MAJORITY OF GM

General Motors could be majority owned by the federal government under a massive restructuring plan laid out Monday that will cut 21,000 U.S. factory jobs by next year and phase out the storied Pontiac brand (See story, Page 13). Bondholders will get a 10 percent stake in GM if 90 percent of its $27 billion in unsecured debt is swapped for stock. The UAW would receive about a 39 percent stake in GM if it takes $10 billion in health care trust payments in stock.

UAW LEADERS APPROVE CHRYSLER CONCESSIONS

Factory-level leaders of the UAW voted unanimously Monday night to recommend approval of concessions that could give a union-run trust …