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Guest Josh

GM, UAW on edge of Delphi solution

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Guest Josh

General Motors Corp., Delphi Corp. and the UAW are close to an agreement on a massive job-cutting plan to offer retirement packages to thousands of blue-collar workers, people familiar with the talks said Friday. The pact would help the struggling automaker avoid a crippling strike at the auto parts supplier.

GM and the UAW are expected to announce details of the package within days.

The deal would accelerate GM's efforts to cut 30,000 jobs across North America by the end of 2008, including 25,000 in the United States.

It also would move the automaker and the union closer to a bailout package for Delphi that would avert a strike there, the sources said.

GM also indicated Friday that it hopes to persuade the UAW to modify the jobs bank program, part of the union contract under which hourly workers are paid nearly full wages and benefits even when their plant has been idled or closed.

GM's board of directors held an unscheduled conference call Friday to discuss the costs of the buyouts, a person familiar with the board said.

http://www.freep.com/apps/pbcs.dll/article?AID=2006603180334

I said it yesterday. The contract is done and will be announced early in the week. Delphi is saved, and it's the last time GM will do so.

The wording is in the contract. Delphi will emerge from this on GM's death watch.

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Howes of the Detroit News thinks its going nuclear.

http://www.detnews.com/apps/pbcs.dll/artic...190373/1148/BIZ

Close of business" Friday was the deadline for parties to file motions that would be heard in the April 7 omnibus bankruptcy hearing in New York. By missing the deadline, the attrition deal won't be heard until later in the spring, though a deal could still come at any time.

Net effect: A long-awaited plan to winnow the hourly work forces of GM and Delphi will be delayed further. And the chance that a bigger sweeping deal won't be concluded before Delphi's March 30 deadline virtually guarantees Delphi will ask Judge Robert Drain the next day to begin the process to set aside its union contracts.

I Guarantee they walk. As soon as word comes down.

Edited by Ghost Dog

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