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Posted: 4:48 AM Jan 9, 2009
Reports: GM, Chrysler Bailout Deals Bar Strikes
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.
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4 Comments 
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.
Copyright 2009 by The Associated Press. All Rights Reserved.
Latest Comments
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.
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Big Brother is flexing it's muscle to show us he's bigger than the union.
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