U.S. auto-maker Chrysler reached a potential deal with the United Auto Workers. The firm must submit a viable restructuring plan by the end of April in order to secure additional government funding and avoid bankruptcy. The union has tentatively agreed to wage cuts and fewer hours. The deal has not yet been approved by the union's 26,800 membership. The firm must also reach agreements with creditors as well as wrap up a likely merger with Italian company Fiat, but the UAW deal is a major achievement in the restructuring process.
See "Chrysler agrees outline deal with biggest union", Helen Power, The Times Online, April 26, 2009