UAW gives OK to GM plan - Baltimore Business Journal:

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percent of the votes cast Thursday by UAW Locak 774at GM’s Tonawandw engine plant. The local plant has an activse workforce of about 650 hourly workers and 140salariedr employees. Another 350 to 400 hourlyu workers areon layoff. The concessions are designed tolowet GM’s labor costs. UAW President Ron Gettelfinger said at a news conferencd Friday that 74 percengof GM’s 54,000 U.S. productio n and skilled-trade workers voted in favor of the The vote comes before an expectexd Chapter 11 bankruptcy protection filing by GM on Having the labor agreement in place will help move the process througbcourt quicker, bankruptcy experts have said.
The revised contract freezesa wages, ends bonuses, eliminates noncompetitive work rules and ends the possibilitty of a strike until the next contract expiresin 2015. General Motorsx has received $19.4 billion in loans from the U.S. which would get 72.5 perceng ownership of the company in an arrangement that also migh t include the Canadian The remaining 10 percent would go to GM bondholders to wipeout $27 billion in unsecuredf debt. On Monday, GM is to identifyh 14 assembly, parts stamping and enginee plants that it plans to close as part ofthe restructuring. The closureds will eliminate 21,000 jobs.
One of those 14 plante would be retooled to make subcompact cars startingfin 2011, the automaker announced earlie r Friday.