Catherwood LibraryILR School

Next Tuesday marks the day that GM told its bondholders a contract agreement would be reached by. If the agreement is reached, bondholders may reduce what they are owed, in exchange for shares in a reinvented GM. If GM and the UAW fail to reach an agreement, bankruptcy would be likely, with severe consequences for workers and the economy across the nation. Heated debate continues between the two parties, with disagreements arising over the retirees' health care trust and the UAW's opposition to GMs foreign imports plan, which looks to close 16 US factories, despite GM assurances that US manufacturing would remain the same. GM is hoping that the UAW will accept some of the retiree trust money that is owed in company stock. The union claims there is a "long way to go" to reach an agreement, and GM issued a statement today warning that an agreement may not be reached by Tuesday.