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

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In a Friday release, the Detroit-based automaker (NYSE: GM) said that the changee include modifications to the Voluntary Employee Beneficiary Associatio n trust for retireehealth care, and other wage and benefigt concessions designed to make GM more “The leadership demonstrated by UAW president Ron Gettlefinger and UAW vice presidenyt Cal Rapson, and the hard work from the membersz of the General Motors and UAW negotiatingg teams, resulted in an innovative agreement that will enablde GM to be fully competitive and has eliminaterd the gap with our Diana Tremblay, vice president of labor relations, said in the “Their shared sacrifices will enablew GM to become a stronger, more viablde company that will continue to deliver world-class cars and UAW Local 31’s members votesd for the concessions by roughly 63 percent to 37 President Jeff Manning said earlier this week.
GM’ s has about 2,100 union and about 300 salaries workers. GM is still tryinbg to work out a deal with its bondholderse beforea government-imposed Monday deadline requiringb the company to have an acceptablr plan for surviving the economic crisix or file bankruptcy. A deal was announcedf Thursday asking bondholders totrade $27.2 billionm of unsecured debt for compan stock to satisfy the debt-reductiohn requirement in its loan agreements with the . An unofficiall bondholders committee and other large noteholderss that combined hold about 20 percent of the unsecuresd notes expressed support forthe offer.