UAW Clears The Way For Chrysler Fiat Alliance

Chrysler LLC reached a deal on concessions with the United Auto Workers late Sunday night, clearing the way for a deal with Fiat SpA, while General Motors Corp. prepared to announce a major restructuring today -- in what is set to be one of the most significant weeks in the history of the U.S. auto industry.

The settlement agreement, subject to ratification by UAW members at Chrysler, includes a revision of the 2007 health care deal, and members must approve the deal by Wednesday.

"We recognize this has been a long ordeal for active and retired auto workers and a time of great uncertainty," said UAW President Ron Gettelfinger. "The patience, resolve and determination of UAW members in these difficult times is extraordinary and has made it possible for us to reach the agreement we will present to our membership."


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topneuro - 4/27/2009 1:20:40 PM

+6 Boost

"The patience, resolve and determination of UAW members in these difficult times is extraordinary and has made it possible for us to reach the agreement we will present to our membership".
Translating UAW:
"Oldsmobile is long gone, Pontiac is gone. Saturn, Hummer and Saab are on the chopping block and GMC is a tossup. Chrysler UAW better agree to this Fiat deal or we are scr*wed."

DinamoR - 4/27/2009 11:13:42 PM

-1 Boost

sure. someone defending the middle class intead of only the rich greedy wall street types is the reason why they're going bankrupt.

if only we had even more deregulation and we gave even more handouts and tax cuts to the rich while making it even harder for the average citizen. then our economy would be doing awesome. great logic.

mini22 - 4/27/2009 5:13:25 PM

0 Boost

Now now-also a good part of this is the financial melt down as well. At least the UAW made the concessions. Now it's up to the bondholders and banks to swap equity. That's what holding this up now.

Joe_Limon - 4/27/2009 11:08:13 PM

+1 Boost

"members must approve the deal by Wednesday." That doesn't sound like anything is finalized yet. Oh well, we will find out by wednesday I guess.