UAW, GM Reach Tentative Deal
The UAW announced today it has reached a tentative understanding with the U.S. Treasury Department and General Motors Corp. on changes to the 2007 UAW/GM bargaining agreement. The union says the tentative agreement also contains modifications to the independent Voluntary Employee Beneficiary Association (VEBA) trust that funds retiree health care.
Details are not available until after ratification meetings for UAW members at GM, which are now being scheduled.
A pact between GM and the UAW was one of the key obstacles for the automaker to clear before a June 1 deadline for the company to restructure its debt as part of a process widely expected to include a bankruptcy filing.
In April, UAW members ratified a similar agreement with Chrysler, Fiat and the Treasury Department.
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