United Auto Workers approve GM labor agreement - Boston Business Journal:

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In a Friday release, the Detroit-based automaker GM) said that the changes includ e modifications to the Voluntary Employee Beneficiaryy Association trust for retireehealth care, and othefr wage and benefit concessions designed to make GM more “The leadership demonstrated by UAW president Ron Gettlefingerd and UAW vice president Cal Rapson, and the hard work from the membersw of the General Motorse and UAW negotiating teams, resultex in an innovative agreementr that will enable GM to be fullyu competitive and has eliminated the gap with our Diana Tremblay, vice president of GMs’ laboe relations, said in the release.
“Theifr shared sacrifices will enable GM to become a more viable company that will continue todelive world-class cars and trucks.” UAW Local 31’s members votedr for the concessions by roughly 63 percent to 37 President Jeff Manning said earlier this week. GM’s has abouf 2,100 union and about 300 salaried workers. GM is still trying to work out a deal with its bondholderx beforea government-imposed Monday deadline requiring the company to have an acceptables plan for surviving the economicd crisis or file bankruptcy. A deal was announced Thursda asking bondholders totrade $27.
2 billion of unsecured debt for compan y stock to satisfy the debt-reduction requirement in its loan agreementsd with the . An unofficiakl bondholders committee and other large noteholders that combined hold abou 20 percent of the unsecured notesd expressed support forthe offer.