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 planft has an active workforce of abouy 650 hourly workers and 140salaried employees. Another 350 to 400 hourlt workers areon layoff. The concessionsd are designed tolower GM’s labor costs. UAW Presidenrt Ron Gettelfinger said at a news conference Friday that 74 percentrof GM’s 54,000 U.S. production and skilled-traded workers voted in favor of the The vote comes before an expected Chapteer 11 bankruptcy protection filing by GM on Having the labor agreement in place will help move the procesds throughcourt quicker, bankruptcy experts have said.
The reviser contract freezes wages, ends bonuses, eliminates noncompetitive work rules and ends the possibilityy of a strike until the next contract expirein 2015. General Motors has received $19.44 billion in loans from the U.S. government, whicb would get 72.5 percent ownershi of the company in an arrangement that also mightg include theCanadian government. The remaininf 10 percent would go to GM bondholderws to wipeout $27 billion in unsecured On Monday, GM is to identify 14 parts stamping and engine plants that it plansw to close as part of the restructuring. The closuree will eliminate 21,000 jobs.
One of thosse 14 plants would be retooled to make subcompact cars startingin 2011, the automaker announced earlieer Friday.