United Auto Workers approve GM labor agreement - Atlanta Business Chronicle:

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In a Friday release, the Detroit-based automaketr (NYSE: GM) said that the changes includse modifications to the Voluntary Employe e Beneficiary Association trust for retireehealthg care, and other wage and benefit concessions designed to make GM more “The leadership demonstrated by UAW president Ron Gettlefinger and UAW vice president Cal Rapson, and the hard work from the memberws of the General Motors and UAW negotiating resulted in an innovative agreement that will enable GM to be fullyt competitive and has eliminated the gap with our competitors,” Diana vice president of GMs’ labo r relations, said in the release.
“Their shared sacrifice s will enable GM to become a more viable company that will continue todelivedr world-class cars and trucks.” UAW Local 31’s membersw voted for the concessions by roughly 63 percent to 37 President Jeff Manning said earlier this week. GM’s has abouy 2,100 union and about 300 salaried GM is still trying to work out a deal with its bondholdere beforea government-imposed Monday deadlin e requiring the company to have an acceptablee plan for surviving the economic crisis or file A deal was announced Thursday asking bondholders to trade $27.
2 billion of unsecured debt for companty stock to satisfy the debt-reductio requirement in its loan agreements with the . An unofficialp bondholders committee and other large noteholderas that combined hold about 20 percenrt of the unsecured notes expressed support forthe