Reports: GM, Chrysler Bailout Deals Bar Strikes

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Posted: 4:48 AM Jan 9, 2009
Last Updated: 4:48 AM Jan 9, 2009

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Newspaper reports say General Motors Corp. and Chrysler LLC would be in default of their multi-billion dollar federal bailouts if their workers go on strike and could be forced into bankruptcy.

The Detroit Free Press and The Detroit News report Friday that the default is part of the deal GM signed with the Bush administration last month to get $13.4 billion in loans. The Detroit News reports Chrysler's loan deal has a similar provision.

The United Auto Workers isn't a party to the deal and hasn't threatened a strike.

The Free Press says if GM defaults on its loans, the U.S. Treasury Department could demand remand repayment and force GM into bankruptcy.

The UAW and the automakers have a Feb. 17 deadline for concessions to lower labor costs.

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Comments are posted from viewers like you and do not always reflect the views of this station.

Posted by: VBush Location: MHCY on Jan 10, 2009 at 02:25 AM
c; EXACTLY!

Posted by: c Location: greenville on Jan 9, 2009 at 03:28 PM
I think they should do away with the uaw. Its nice to have somebody to represent you against the company , but I have a friend in virgina beach that knows a guy that worked at the ford plant making 25 dollars an hour pushing a broom! now that plant is closed . wonder why? majority of auto workers are over payed in my opinion.

Posted by: Anonymous on Jan 9, 2009 at 06:23 AM
Big Brother is flexing it's muscle to show us he's bigger than the union.

Posted by: VBush Location: MHCY on Jan 9, 2009 at 05:56 AM
This should be interesting. I wonder if those auto workers remember Eastern Airlines? I wonder if they remember the Air Traffic Controllers? On the other hand, maybe this situation will finally break the blood sucking UAW. If GM and Chrysler go bankrupt, the union will be rendered a useless body and the Ford workers left still standing might stop wasting money out of their paychecks on union dues. That should leave alot of nice office space available when the UAW turns out it's lights.

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