UAW reaches deal with Chrysler, Fiat, Obama administration

[Bozita]

Source: Detroit Free Press

UAW reaches deal with Chrysler, Fiat, Obama administration
BY JUSTIN HYDE • FREE PRESS WASHINGTON STAFF • APRIL 26, 2009


The UAW said tonight it had reached a deal with Chrysler LLC, the Obama administration and Fiat that meets the government's requirements for reducing Chrysler's debt.

The union said the deal would be presented to members this week and would have to be ratified by Wednesday.

The government had pressed the UAW to accept half of the $10.6 billion owed by Chrysler for a trust fund for retiree health care in stock rather than cash or debt. The union did not immediately disclose details of the pact.

"“We recognize this has been a long ordeal for active and retired auto workers, and a time of great uncertainty,” said UAW President Ron Gettelfinger. “The patience, resolve and determination of UAW members in these difficult times is extraordinary, and has made it possible for us to reach the agreement we will present to our membership.”

Read more: http://www.freep.com/article/20090426/BUSINESS01/90426033/UAW+reaches+deal+with+Chrysler++Fiat++Obama+administration

[liberal N proud]

1. Details

Waiting for details

[Delphinus]

2. Yeah,

it should be interesting to hear how the retirees' needs play into this.