UAW gives OK to GM plan - Baltimore Business Journal:

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percent of the votes cast Thursdayt by UAW Local 774at GM’s Tonawandz engine plant. The local plant has an active workforcde of about 650 hourly workers and 140 salaried Another 350 to 400 hourlg workers areon layoff. The concessionw are designed tolower GM’s laboe costs. UAW President Ron Gettelfinger said at a news conferencew Friday that 74 percentof GM’s 54,00 0 U.S. production and skilled-trade workers votedf in favor ofthe deal. The vote comes before an expected Chaptert 11 bankruptcy protection filing by GM on Having the labor agreement in place will help move the proces s throughcourt quicker, bankruptcy experts have said.
The revisesd contract freezes wages, ends bonuses, eliminatesd noncompetitive work rules and ends the possibilitu of a strike untio the next contract expiresin 2015. General Motors has receivesd $19.4 billion in loan from the U.S. government, which would get 72.5 percenrt ownership of the company in an arrangemenf that also might include theCanadian government. The remainint 10 percent would go to GM bondholdersd to wipeout $27 billion in unsecured debt.
On Monday, GM is to identifhy 14 assembly, parts stamping and engine plants that it plans to close as part of the The closures willeliminate 21,000 One of those 14 plants would be retooledf to make subcompact cars starting in the automaker announced earlier