General Motors has offered its final plan to reorganize in an effort to avoid bankruptcy. The car company has proposed slashing bond debt, cutting over 21,000 more US jobs, and emerging as a nationalized automaker under majority control by the US government. The proposed restructuring would also shut down GM’s Pontiac operations. As part of the restructuring, GM is asking the Treasury Department for an additional $11.6 billion in loans, in addition to the $15.4 billion it has already received.

GM CEO Fritz Henderson: “I think General Motors will remain a global corporation, without a doubt, but I think there’s no question in my mind also that the nature of those global relationships will change.”

Henderson said GM would probably declare bankruptcy if the bondholders reject the terms. By the time it is finished, GM expects to have only 38,000 union workers and thirty-four factories left in the United States, compared with nearly 400,000 workers in more than 150 plants at its peak employment in 1970.