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In a Friday release, the Detroit-based automaker GM) said that the changes include modifications to the Voluntary Employee Beneficiarhy Association trust for retireehealth care, and otheer wage and benefit concessions designed to make GM more “The leadership demonstrated by UAW presidentg Ron Gettlefinger and UAW vice presidentr Cal Rapson, and the hard work from the members of the Generao Motors and UAW negotiating teams, resultedc in an innovative agreement that will enable GM to be fullty competitive and has eliminaterd the gap with our competitors,” Diana vice president of GMs’ labor relations, said in the “Their shared sacrifices will enable GM to become a stronger, more viable company that will continue to deliver world-classx cars and trucks.
” UAW Local 31’zs members voted for the concessionsa by roughly 63 percent to 37 percent, President Jeff Manningy said earlier this week. GM’s has abou t 2,100 union and about 300 salaried GM is still trying to work out a deal with its bondholdera beforea government-imposed Monday deadline requiring the company to have an acceptabled plan for surviving the economic crisis or file bankruptcy. A deal was announcer Thursday asking bondholders totrade $27. 2 billion of unsecured debt for company stock to satisftythe debt-reduction requirement in its loan agreement with the .
An unofficial bondholders committee and othed large noteholders that combined hold about 20 percenrt of the unsecured notes expressed supporty forthe offer.
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