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 GM, Chrysler race to meet restructuring deadline

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vinaypratap.nitw



Posts : 38
Join date : 2009-02-04

PostSubject: GM, Chrysler race to meet restructuring deadline   Wed Feb 18, 2009 12:43 pm

GM spokeswoman Sherryl Childers-Arb said GM remains hopeful of reaching a deal with the United Auto Workers by the time GM turns the viability plan in to the US Treasury.

Detroit: General Motors and Chrysler struggled on Monday to win
key concessions from their main union a day ahead of a deadline to
present restructuring plans to the federal government.

GM spokeswoman Sherryl Childers-Arb said GM remains hopeful of reaching a
deal with the United Auto Workers by the time GM turns the viability
plan in to the US Treasury Department at the end of the business day
Tuesday.

“We’re negotiating and we’re hopeful,” she said. “I am not going to speculate on whether we’ll have an agreement.”
Officials at Chrysler and the UAW declined to comment on the status of negotiations.
It was also unclear whether the automakers had managed to reach a deal
with their creditors as required under the terms of a $13.4 billion
bailout package provided by the federal government.

Union sources familiar the talks, however, said the automakers were making
substantial demands and that something had to give before an agreement
could be reached.

The package would eliminate previously negotiated productivity bonuses and cost-of living adjustments to wages, halve the amount of time the company would supplement unemployment pay following a layoff and require workers to use their vacation time during temporary plant closures.
GM spokesman Tom Wilkinson said he could not comment on the discussions with unsecured creditors.
Standard & Poor’s analyst Efraim Levy said he did not think GM will have
completed negotiation with either the union or creditors by the time it
submits the viability plan to the US Treasury.

The administration will analyze the restructuring plans over the next few weeks and work through them with the car giants.
The final plan will serve as a basis for the Treasury’s decision due by 31 March to call in or extend the loans.
The two companies were brought to the brink of bankruptcy last year as auto
sales collapsed amid a credit crunch and widening recession.

Analysts forecast total auto sales will come in at between 10 million and 11
million units this year, which would be the industry’s worst
performance since World War II after adjusting for population growth.

Ford insists it has sufficient cash reserves to survive the downturn without
federal aid despite a $5.9 billion loss in the fourth quarter.

Chrysler says it needs an additional three billion dollars in loans beyond the
four billion dollars approved in December, as well as concessions from
creditors and the UAW.
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