FACTBOX: Highlights of GM's new restructuring plan

(Reuters) - General Motors Corp on Tuesday laid out a broad restructuring to boost cash by $15 billion through 2009 and return its operations to profitability.

Following are the highlights of the automaker's announcement:

* Planning assumptions: GM estimates industrywide U.S. auto sales of 14 million in both 2008 and 2009, GM U.S. auto market share of 21 percent, and average oil price of $130 to $150 per barrel by 2009.

* Internal operating changes and other actions expected to generate $10 billion cash improvement by the end of 2009.

* White-collar job cuts in United States and Canada in 2008 through buyouts, early retirement offers and attrition.

* Suspends dividends on common stock, effective immediately, which is expected to improve liquidity by $800 million through 2009.

* Expects to raise $4 billion to $7 billion through asset sales and financing activities; initially targeting at least $2 billion to $3 billion of financing.

* Says has gross unencumbered assets of over $20 billion, which could support a significant secured debt offering, or multiple offerings. Assets include foreign subsidiaries, brands, stake in lender GMAC.

* Reviewing global assets for possible sale or monetization, expected to generate $2 billion to $4 billion.

* Health care coverage for U.S. white-collar retirees over 65 to be eliminated, effective January 1, 2009. Affected retirees and surviving spouses to receive a pension increase to help offset health care costs.

* To defer $1.7 billion of payments scheduled to be made over 2008 and 2009 for the establishment of a new United Auto Workers union health care expenses trust.

* No new salary increases for U.S. and Canadian white-collar employees for the rest of 2008 and 2009.

* No annual discretionary cash bonuses for the company's executive group in 2008.

* Benefit changes, white-collar job cuts and other related savings to result in an estimated reduction in cash costs of more than 20 percent, or $1.5 billion, in 2009.

* Structural cost saving of $2.5 billion expected in North America through cuts in truck capacity and related component, stamping and powertrain capacity in response to lower U.S. industry volume.

* Truck capacity expected to be reduced by 300,000 vehicles by the end of 2009.

* To reduce and consolidate sales and marketing budgets, but will protect new products and brand advertising.

* Engineering spending in 2008 and 2009 will be held at 2006-2007 levels.

* Capital expenditures now estimated to total $7 billion in 2009 versus prior plans for $8.5 billion.

* Annual capital expenditures expected to run at $7 billion to $7.5 billion beyond 2009, excluding China.

* Delaying next-generation large pickup and SUV program, as well as V-8 engine development.

* Spending for non-product programs to be significantly reduced; funding to be increased for development of alternative propulsion and fuel economy technologies and small-displacement engines.

* To improve working capital by $2 billion in North America and Europe through reduction of raw material, work-in-progress and finished goods inventory levels as well as lean inventory practices at parts warehouses.

* To report a significant 2008 second-quarter loss, hurt by settlement with parts maker American Axle and local union strikes in North America as well as continued weakness in the U.S. auto market and consumer shift toward smaller cars.

* Expects significant charges in 2008 second quarter related to U.S. blue-collar job cuts, reduction in truck capacity, valuation of GMAC stock, lease assets, settlement with American Axle, and contract with the Canadian Auto Workers union.

(Reporting by Poornima Gupta; editing by John Wallace)