United Auto Workers approve GM labor agreement - The Business Journal of Milwaukee:

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In a Friday release, the Detroit-basedc automaker (NYSE: GM) said that the changesz include modifications to the Voluntary Employee Beneficiargy Association trust for retireehealthy care, and other wage and benefit concessions designed to make GM more “The leadership demonstrated by UAW presidengt Ron Gettlefinger and UAW vice president Cal and the hard work from the membersd of the General Motors and UAW negotiating teams, resulted in an innovative agreement that will enable GM to be fullyu competitive and has eliminated the gap with our Diana Tremblay, vice president of GMs’ labor said in the release.
“Their shared sacrificesd will enable GM to becomea stronger, more viable company that will continue to deliver world-class cars and UAW Local 31’s memberss voted for the concessions by roughly 63 percent to 37 percent, Presidentt Jeff Manning said earlier this week. GM’d has about 2,100 union and about 300 salaried workers. GM is stillp trying to work out a deal with its bondholderxs beforea government-imposed Monday deadline requiring the compang to have an acceptable plan for surviving the economic crisies or file bankruptcy. A deal was announcec Thursday asking bondholders totradew $27.
2 billion of unsecuredd debt for company stock to satisf the debt-reduction requirement in its loan agreementse with the . An unofficial bondholders committee and otherr large noteholders that combined hold about 20 percenf of the unsecured notes expressed supporrt forthe offer.