Jul. 18--Shares of General Motors Corp. rose for a third straight day on Thursday as the market showed confidence that the automaker's latest restructuring plan -- aimed at generating $15 billion in cash through 2009 -- could stave off the possibility of bankruptcy.

GM stock gained $1.37, or 11.9%, to close the day at $12.85 per share, its highest closing price since June 24.

GM Chairman and CEO Rick Wagoner announced Tuesday the company's second restructuring in six weeks. The new cuts will reduce its salaried workforce, cut production by 300,000 trucks by the end of 2009, end health care for salaried retirees at age 65 and suspend its dividend. The moves are expected to generate $10 billion in cash savings. Wagoner also said GM plans to raise between $4 billion and $7 billion by selling assets and borrowing against others.

GM stock has gained 37% since its Monday closing price of $9.38. The Detroit automaker announced the latest moves before the market opened Tuesday. Shares gained 46 cents that day and $1.64 Wednesday.

Contact KATIE MERX at or kmerx@freepress.com.

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Story Source: Detroit Free Press