Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002

You Are Here: Home » Government Documents » UAW reaches settlement agreement with Chrysler, Fiat and U.S. Government

UAW reaches settlement agreement with Chrysler, Fiat and U.S. Government

by on

Follow up to previous postings on Chrysler, this news release: “The UAW announced tonight that a settlement agreement has been reached with Chrysler, Fiat and the U.S. Treasury Department. When Chrysler’s Feb. 17 viability plan was rejected, President Obama gave Chrysler workers and the company a second chance, union officials said. This concessionary agreement, while painful, takes advantage of this opportunity. The settlement agreement, subject to ratification by UAW members at Chrysler, meets the requirements of U.S. Treasury Department loans to the company. It includes modifications to the union’s 2007 collective bargaining agreement and the Voluntary Employee Beneficiary Association (VEBA) trust.”

  • Daimler AG, Chrysler, Cerberus & U.S. PBGC Sign Binding Term Sheet To Resolve Pending Issues; Daimler To Redeem 19.9% Stake In Chrysler
  • “Standard & Poor’s Ratings Services said today that its ratings on General Motors Corp. and Chrysler LLC (both rated ‘CC/Negative/–‘) are not immediately affected by the near-term actions each company is taking to prevent bankruptcy. GM announced today that it has made an exchange offer for up to $27 billion of outstanding public debt. And published reports state that Chrysler has reached agreements with its principal labor unions in the U.S. and Canada to reduce labor costs as part of a more aggressive viability plan, which, if acceptable to the U.S. Treasury Department, we expect to include substantial debt reduction and a wide-ranging relationship with Fiat SpA.”
  • Related postings on financial system
    • LinkedIn

    Sorry, comments are closed for this post.