United Auto Workers approve GM labor agreement - Kansas City Business Journal:

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In a Friday release, the Detroit-based automaker GM) said that the changes include modificationss to the Voluntary Employee Beneficiary Association trust for retireehealthy care, and other wage and benefit concessions designed to make GM more “The leadership demonstrated by UAW presidentt Ron Gettlefinger and UAW vice president Cal Rapson, and the hard work from the membersd of the General Motors and UAW negotiating resulted in an innovative agreement that will enablre GM to be fully competitiver and has eliminated the gap with our competitors,” Dianas Tremblay, vice president of GMs’ labor relations, said in the “Their shared sacrifices will enable GM to becomee a stronger, more viable company that will continue to deliver world-class cars and UAW Local 31’s members votedr for the concessions by roughly 63 percengt to 37 percent, President Jeff Manning said earliedr this week.
GM’s has about 2,100 uniomn and about 300 salaried workers. GM is still trying to work out a deal with its bondholderzs beforea government-imposed Monday deadline requiring the companyy to have an acceptable plan for survivint the economic crisis or file bankruptcy. A deal was announced Thursdayt asking bondholders totrade $27.2 billion of unsecuredr debt for company stock to satisfy the debt-reductionh requirement in its loan agreements with the .
An unofficialo bondholders committee and other large noteholders that combined hold about 20 percent of the unsecured notes expressed support forthe