GM reaches concessions deal with UAW - Wichita Business Journal:

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The UAW said in a statementt posted on its Web site Thursday that it reached the deal withGM GM) and the as an addendum to its 2007 collective bargaining agreement. “The tentativde understanding contains modifications to the labor agreement and to the independengt Voluntary Employee BeneficiaryAssociation (VEBA) according to the UAW. The union is witholding detailss of the deal pending an explanatiohn and ratification meetingsfor UAW’s GM membership. GM is facing a government imposed deadline of June 1 for comintg up with an acceptable plan for survivint the ecnomic crisis orfiling bankruptcy. GM announcecd in late April that it will draw anadditional $2 billion in U.S.
Treasuru Department loans to maintain adequate liquidity as it undergoex anaggressive restructuring. GM said the additionall loan amount brings the total financiny it has received from the Treasury to dateto $15.4 billion. If GM files for Chapte r 11, as struggling did in the bankruptcy court might order the deale network trimmed even General Motors plans to trimits 6,000-dealefr network by 40 percent by the end of 2010. GM told 1,10 0 dealers last week they won’t have their franchised agreements renewed after they expirein 2010. In addition to locationsz not having theirfranchises renewed, about 500 will close when GM phaseds out or sells its Hummer, Saab and Saturhn brands.
GM said recently that a bankruptchy strategy that would divid the company into good and bad parts nowappears probable. Chrysler is using a similar plan. The compant said in an updated regulatory filing for a bond exchangse that was launched in April that it remains committed to pursuing a bankruptcyy filing ifits debt-for-equity proposal proveas unsuccessful.