GM, UAW discuss savings

Wednesday, May 20, 2009

GM, UAW discuss savings

Washington — General Motors Corp. and the United Auto Workers held another round of talks at the Treasury Department Tuesday aimed at reaching a comprehensive labor savings agreement, people familiar with the matter said.

The talks included members of the auto task force, GM’s president and CEO Fritz Henderson and UAW President Ron Gettelfinger.

No agreement is expected until later this week at the earliest. GM wants to reach a deal before Tuesday, when its bondholders must decide whether to exchange their $27.2 billion in debt for 10 percent of GM’s equity.

GM warned Tuesday in a Securities and Exchange Commission filing that it may not complete the labor contract deal before its bondholder offer expires at 11:59 p.m. on May 26. One major requirement is for GM and the UAW to finalize a deal to swap with stock at least half of the more than $20 billion the UAW is owed for its Voluntary Employees’ Beneficiary Association, or VEBA, trust fund that takes over retiree health care next year.

GM must also finalize its deal to swap about $10 billion of what it owes the Treasury Department for at least 51 percent of its common stock.

Share
Seniority Lists
Recent Posts!
Bargaining Committee

Chairman
Mike Herron
President
Tim Stannard
Zone at Large – 1st
Danny Taylor
Zone at Large – 2nd
Mark Wilkerson
Committeepersons
Joe McClure
Chad Poynor
Steve Roberts
Derek Lewis
Bill Cundiff
Kirk Zebbs
Don Numinen
Jay Minella
Danny Bragg
Chris Hill
Rashad Thomas
Keith Oswald
Chris Brown

1853 Officers

President
Tim Stannard
Chairman
Mike Herron
Vice President
Darrell DeJean
Financial Secretary
Mark Wunderlin
Recording Secretary
Peggy Mullins
Trustee (3)
Jay Lowe
Dave Clements
Dave Spare
Sgt. at Arms
David C Spare
Guide
Ashley Holloway
E-Board at Large (2)
David Ryder
Steve Roberts
GM Unit Chair
Mike Herron
Leadec Unit Chair
Larry Poole
Ryder Unit Chair
Patrick Linck
AFV Unit Chair
Neil Osborne
Retiree Chair
Mike Martinez

Get Text Alerts



asdasdsd

*Standard text messaging rates may apply from your carrier