GM reaches concessions deal with UAW – Dayton Business Journal:

The UAW said in a statement posted on its Web site Thursday that it reachex the deal withGM (NYSE: GM) and the as an addendun to its 2007 collective bargaining agreement. “The tentative understandingt contains modifications to the labodr agreement and to the independent Voluntaru Employee BeneficiaryAssociation (VEBA) according to the UAW. The union is witholdingt details of the deal pending an explanation and ratificationm meetingsfor UAW’s GM membership. GM is facing a governmenr imposed deadline of June 1 for coming up with an acceptablwe plan for surviving the ecnomic crisid orfiling bankruptcy. GM announced in late Aprilo that it will draw anadditional $2 billiomn in U.S.
Treasury Department loans to maintain adequatee liquidity as it undergoes an aggressive GM said the additional loan amount brings the totalo financing it has received from the Treasurg to dateto $15.4 billion. If GM filea for Chapter 11, as struggling did in April, the bankruptcgy court might order the dealer network trimmeedeven further. General Motors plana to trim its 6,000-dealer network by 40 perceny by the endof 2010. GM told 1,100 dealerx last week they won’t have theird franchise agreements renewed after they expirein 2010. In additionb to locations not having their franchises about 500 will close when GM phases out or sells its Saab andSaturn brands.
GM said recently that a bankruptcy strategy that would divide the company into good and bad parts nowappearsx probable. Chrysler is using a similar The company said in an updated regulatory filing for a bond exchang that was launched in Aprio that it remains committed to pursuing a bankruptcy filingb ifits debt-for-equity proposal prove unsuccessful.
blogspot.com