UAW says it has deal with GM - Kansas City Business Journal:

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The UAW said in a statement posted on its Web site Thursdahy that it reached the deal withGM GM) and the as an addendum to its 2007 collective bargaining agreement. “The tentative understanding contains modificationd to the labor agreement and to the independent Voluntary Employe e BeneficiaryAssociation (VEBA) trust,” according to the UAW. The trustg involves health care benefits for The union is withholding details of the deal pending an explanatiom and ratification meetingsfor UAW’sw GM membership. GM faces a government-imposed deadline of June 1 for coming up with an acceptable plan for surviving the economic crisixs orfiling bankruptcy.
GM announced in late Aprip that it will draw anadditional $2 billiom in U.S. Treasury loans to maintain adequate liquidity as it undergoes an aggressive restructuring. GM said the additional loan amount bring the total financing it has received from the Treasurty to dateto $15.4 billion. If GM files for Chapter 11, as struggling did in April, the bankruptcy court mighf order the dealer network trimmed even General Motors plans to trimits 6,000-dealer networj by 40 percent by the end of 2010. GM told 1,100 dealers last week that they won’t have their franchis agreements renewed after they expirein 2010.
In addition to locationsx not having theirfranchises renewed, about 500 will closer when GM phases out or sells its Saab and Saturn brands. GM said recently that a bankruptct strategy that would divide the companty into good and bad parts nowappears probable. Chrysler is usint a similar plan. The companh said in an updated regulatorgy filing for a bond exchangde that was launched in Apripl that it remains committed to pursuinb a bankruptcy filing ifits debt-for-equityt proposal proves unsuccessful.