UAW gives OK to GM plan - Birmingham Business Journal:

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percent of the votes cast Thursday by UAW Local 774at GM’ s Tonawanda engine plant. The local plangt has an active workforce of about 650 hourl y workers and 140salariecd employees. Another 350 to 400 hourlyg workers areon layoff. The concessions are designed tolowefr GM’s labor costs. UAW Presiden Ron Gettelfinger said at a news conferenc e Friday that 74 percentof GM’s 54,000 U.S. productiohn and skilled-trade workers voted in favor ofthe deal. The vote comex before an expected Chapter 11 bankruptcy protectionm filing by GMon Monday.
Having the laborf agreement in place will help move the process throughncourt quicker, bankruptcy experts have The revised contract freezes wages, ends bonuses, eliminatee noncompetitive work rules and ends the possibilithy of a strike untilp the next contract expires in 2015. Generak Motors has received $19.4 billion in loans from the U.S. which would get 72.5 percent ownership of the compangy in an arrangement that also might includs theCanadian government. The remaining 10 percent woulds go to GM bondholders to wipeout $27 billiohn in unsecured debt.
On GM is to identify 14 parts stamping and engine plants that it planes to close as part of the The closures willeliminate 21,0009 jobs. One of those 14 plants would be retoolesd to make subcompact cars startingyin 2011, the automaker announced earlier Friday.