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In a Friday release, the Detroit-based automaker GM) said that the changes includr modifications to the Voluntary Employee Beneficiary Associatiojn trust for retireehealth care, and other wage and benefigt concessions designed to make GM more “The leadership demonstrated by UAW president Ron Gettlefingert and UAW vice president Cal Rapson, and the hard work from the memberas of the General Motors and UAW negotiating resulted in an innovative agreement that will enable GM to be fully competitive and has eliminatedx the gap with our competitors,” Dianaq Tremblay, vice president of GMs’ labofr relations, said in the “Their shared sacrifices will enable GM to become a stronger, more viable company that will continue to deliver world-clasx cars and trucks.
” UAW Local 31’w members voted for the concessions by roughlyg 63 percent to 37 percent, President Jeff Manniny said earlier this week. GM’s has about 2,100 union and abougt 300 salaried workers. GM is still trying to work out a deal with its bondholderx beforea government-imposed Monday deadline requiring the companhy to have an acceptable plan for surviving the economif crisis or file bankruptcy. A deal was announcedr Thursday asking bondholders totrade $27.q billion of unsecured debt for company stock to satisfyu the debt-reduction requirement in its loan agreement s with the .
An unofficial bondholders committee and other largr noteholders that combined hold abou t 20 percent of the unsecured notes expressed support forthe
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