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UAW awaiting deal with GM on healthcare
Chicago Tribune, March 11, 2009
United Auto Workers members at General Motors Corp. will have to wait for an agreement on a union retiree healthcare fund before voting on labor concessions GM needs to keep U.S. Treasury loans.
GM must persuade the UAW to swap $20.4 billion in future obligations to the VEBA for half that in cash and the rest in equity as part of U.S. requirements to keep $13.4 billion in loans and win approval for as much as $16.6 billion more. GM has said it needs at least $2 billion in fresh aid or it will be bankrupt.
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