Members of the United Auto Workers union overwhelmingly ratified its new labor agreement with General Motors Corp., getting the auto maker over a major hurdle in its restructuring plan.
UAW President Ron Gettelfinger said Friday the pact, which has the union making concessions but also gaining a stake in GM, was passed with 74% support and that it will take effect at 4 p.m. EDT.
Meanwhile, GM said it expects to keep producing vehicles at eight North American assembly plants and other parts and stamping plants even if, as expected, it files for Chapter 11 bankruptcy next week.
With plants running, GM will continue to be able to book revenue in its core operation, and help provide a sliver of stability for ailing auto suppliers.
The move represents a shift compared to the complete shutdown that Chrysler LLC implemented in its manufacturing operations when it entered bankruptcy court earlier in the month. While GM has yet to firmly say it will file Monday, several people briefed on the matter say the decision has been made to go ahead with bankruptcy.
A GM spokeswoman said the company is able to keep production up at a limited amount of plants because it made an early supplier payment this week instead of waiting until June 2, when the payments were actually due.
GM will continue running the plants as market demand allows. Among the plants expected to remain open are a Lansing, Mich., crossover-vehicle plant and a midsize-car plant in Fairfax, Kan.
GM, which is surviving on federal loans, is racing to restructure under the close watch of the Obama administration. It is widely expected to seek bankruptcy-court protection on Monday under a plan that would give the U.S. government a 72.5% stake. The U.S. will boost its support for GM by as much as $50 billion and keep it closely held for up to 18 months.
The deal gives the union's independent trust fund for retiree health care a 17.5% stake in the new GM and warrants for another 2.5% stake. Mr. Gettelfinger has said the union accepted a smaller stake than it wanted to ensure the deal would be completed. In exchange, the UAW will get $6.5 billion in preferred stock and a $2.5 billion note. The union will also get one representative on GM's board.
Quelle: online.wsj.com/article/SB124361882983966903.html
" Was interessiert mich der Bullshit, den ich gestern vom Stapel gelassen habe. Gestern war gestern und heute ist heute". Meine Postings sind somit keine Handelsaufforderung !
