veba


BREAKING: GM lurches toward bankruptcy as bondholder offer fails

General Motors is teetering ever closer to the brink of bankruptcy today, as the automaker's exchange offer for its outstanding debt fell "substantially" short of the necessary take-rate. GM had offered some $27.2 billion of its unsecured public notes to its bondholders, but the offer expired at noon yesterday without having the minimum tender amount met. The U.S. Treasury Department had mandated that at least 90 percent of bondholders would have to agree to swap their shares for a 10 percent stake in the GM, but far too few failed to take GM ... Read more →

Ford to offer 300 million shares of common stock Chris Shunk

Right now, cash is king in the automotive world, and Ford Motor Company is looking to raise some serious greenbacks with 300 million shares of common stock. The money will be used to fund automotive ...

UAW will eventually sell Chrysler stock to keep VEBA going John Neff

Big surprise, the United Auto Workers union does not intend to be majority owner of the New New Chrysler for very long. Outgoing UAW president Ron Gettelfinger confirmed in a press conference ...

REPORT: UAW's majority stake in Chrysler doesn't necessarily translate to control Chris Shunk

The reworked contract between Chrysler and the United Auto Workers cedes 55% of Pentastar stock to the worker's retiree health care fund. That has lead to speculation that the UAW would have majority ...

GM future hinges on success of new debt-for-equity swap offers Chris Paukert

In addition to announcing the shuttering of Pontiac, General Motors has put forth a new offer to its bondholders to exchange $27 billion in claims for equity in the struggling automaker. As part of ...

Ford's new deal with UAW gets wages down to $55/hour 8 months ago on Autoblog

Two years ago when Ford was negotiating a new contract with the UAW, the automaker was paying its union workers the oft-bandied amount of $70 per hour. That amount wasn't the actual hourly wage of each employee, though, but rather the employee's hourly wage plus the cost of contributions to current ...

Ford, UAW reach tentative retiree health care trust fund deal 9 months ago on Autoblog

Ford Motor Company says it has reached a tentative deal with the UAW regarding modifications to the Voluntary Employees' Beneficiary Association (VEGA) pact, the union's retiree health care trust. While specifics are not yet being divulged, the Blue Oval says that it has agreed to make up to half ...

Gettelfinger: Wage cuts won't be part of UAW concessions 10 months ago on Autoblog

General Motors and Chrysler are tasked with gaining concessions from debt holders and organized labor by February 17. If major cuts aren't achieved, the struggling Detroit automakers risk having to pay back the $17.4 billion in government loans that have helped keep the companies solvent. UAW ...

UAW agrees to suspend Jobs Bank, postpone VEBA contributions 12 months ago on Autoblog

While Ford, General Motors and Chrysler all submitted plans to Congress yesterday that detail how much sacrifice they're willing to make in order to secure government loans, the United Auto Workers union waited until today to announce how it plans to contribute. UAW President Ron Gettelfinger met ...

Details emerge on Ford/UAW contract 2 years ago on Autoblog

Ford stands as the last domestic automaker in the process of negotiating its labor contract with the UAW, and details of the new contract have begun to hit the web. The Detroit News has an in-depth article on what's gone down thus far, but for those of us with attention spans akin to meth-addled ...

Autoline on Autoblog with John McElroy 2 years ago on Autoblog

John McElroy is host of the TV program "Autoline Detroit". Every week he'll bring his unique insights as an auto industry insider to Autoblog readers. THE MONEYED TYCOONS OF THE UAW By John McElroy I gotta believe Karl Marx is spinning in his grave. Can you imagine the captains of capitalism handing ...

Big Three discussing joint healthcare fund 2 years ago on Autoblog

Recently, the UAW decided to look at the unusual step of taking over heathcare liabilities from the Big Three. The reason being that pension fund costs for future retirees is adding a terrific sum to the expense sheet every year -- GM's costs alone were $4.8 billion in 2006, and combined costs could ...






Autoblog Podcast #154: Gobbling up the News

Chris, Sam, and Dan kick out a podcast just in time for the long holiday drive.

 
 

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