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Make-or-break week for GM as deadline nears
The June 1 line for GM to restructure tightens with expected plant closures and labor concessions. GM faces bankruptcy risk if changes aren’t made, following a $4 billion federal loan on top of $15.4 billion already received. Unions approve wage cuts while bondholders resist a 10 percent stake to erase $27 billion in debt, and 14 more plants may close as part of plans to trim facilities and costs. President Obama underscored the need to intervene to prevent shuttering GM or Chrysler.
MENTIONED IN THIS ARTICLE
Milwaukee
General Motors Corp
Obama
Canadian Auto Workers Union
U.S
United Auto Workers
Detroit
Massena
N.Y
Grand Rapids
Erich Merkle
Grand Rapids, Mich
C-Span
GM and
Chrysler LLC
K.S.A
District Court
Franklin County
Kansas
Ottawa
S.W
N.W
Idaho Road
Williamsburg
Southlaw.com