GM to fund UAW trust with stock and cash to cut retiree costs
GM plans to place up to 20 percent of common stock and 6.5 billion in preferred shares plus a 2.5 billion note into a UAW funded trust to take over retiree health care costs starting next year. The agreement includes a UAW board seat but voting power will rest with independent directors. The plan aims to allow restructuring outside bankruptcy while bondholders resist a 10 percent stake offer to wipe out 27 billion in debt. Local leaders say several GM plants slated for closure were not named in the outline.
MENTIONED IN THIS ARTICLE
Detroit
General Motors Corp
United Auto Workers Union
Ana GM
UAW
UAW International
Mike Green
Cadillac
Lansing
Mich
NYMX
Nymx New York Exchange
CBOT
Lark Pury
Chicago Board of Trade
CME
NYBT
New York Board of
Init Smins
American Funds
Bala
BondAm Ci
Eurpacgra Mfb
Fninva x
Incamera m MA
InvCoAmAm LV
Wamutinwa m LV
Dodge & Cox
Eww & Cox Stock iv
Pimco TotRetAdmi
Pimco TotReds
Vanguard
Vanguard Insticx
OSHA cites Wal-Mart in death of workers at doomed store
OSHA cites Wal-Mart for a fatal incident on November 28, 2008 in Valley Stream where 34 year old Jcimytai Damour was trapped in a vestibule when 2,000 shoppers broke in. The agency warns of a possible $7000 fine and notes Wal-Mart must respond within 15 days.
MENTIONED IN THIS ARTICLE
Jcimytai Damour
Damour
Valley Stream
Robert Kulick
OSHA
New York
Kulick
JetAmerica targets midsized U.S. markets
Clearwater based JetAmerica will launch 34 weekly flights starting July 13 to Toledo South Bend Melbourne Newark Minneapolis and Lansing with extra Toledo to Minneapolis service starting August 14. Subsidies totaling about 2.3 million from several airports and the Small Community Air Service Development Program cushion costs as JetAmerica aims to offer fares from 9 dollars and charge for bags meals and entertainment.
MENTIONED IN THIS ARTICLE
Newark
N.J
U.S
Clearwater
JetAmerica
Lansing
Capital Region International Airport
Robert Selig
Capital Region Airport Authority
New York City
Florida
Selig
South Bend
Melbourne
Toledo
Ica
U.S. Department of Transportation
Minneapolis
John Weikle
Skybus Inc
Weikle
Judge denies review of Chrysler bankruptcy
A U S district judge rejected a bid to delay ruling until after a Chrysler bankruptcy sale hearing. The decision keeps the June 15 closing target for the Fiat Group SpA deal and preserves the asset sale timetable amid objections by Indiana state funds and a construction fund.
MENTIONED IN THIS ARTICLE
Chrysler Bankruptcy
New York
U.S
Chrysler
Thomas Griesa
Indiana
Chrysler LLC
Italy
Fiat Group Spa
Fiat
Thomas Cullen
Treasury Department
Glenn Kurtz
Arthur Gonzalez
District Court
Also Mentioned on This Page
UAW Trust
Tom Krisher
Associated Press
Wal-Mart
Daphne Moore
Bentonville
Ark
Wal-Mart Inc
Fla
Richard Ennis
Melbourne International Airport
Orlando
Ennis
Orlando International
Orlando Sanford International
Tamer
Dodge
Timberline Dodge
Portland
Ore
the Market IN Review
Dany Dow Jones
Dow Jones Industrials
Poe “A Ca
Eens Oea
Dow Industrials
Dow Transportation
Dow
NYSE
Mntv TorcheEn
Westwich
RussBerie
Nemo
OncoGera
Rostelcom
Microsoft
NovaGid G
Fnt
Oras” Arecee
Wells Fargo
Apple Inc
Critry Tel
Nasd
Prousp NY
Prousmre NY
ProuShiFn NY
Sherwin NY
Sporfnd
Lvsands
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