Word: deal
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...Association (VEBA) - a trust set up at Chrysler and other U.S. carmakers to shift retiree health-care obligations off company books - would own a majority of the shares. Fiat would run the place. And some sort of entity called Chrysler would survive. Despite the protests of some bondholders, the deal was sent to receive the blessing of a bankruptcy judge...
...commercial? Experts scratched their heads. "We're all kind of struggling with it," says automotive consultant Laurie Harbour-Felax. To Corker, the deal was an exercise in pain management. "I get the sense that they decided to kick the can down the road, maybe delay the end for another four or five years," he says. "And then if it fails, at least a foreign company owns...
...company put Saab, Opel, Saturn and Hummer up for sale, then killed Pontiac. (Marchionne promptly entered fire-sale bids for Opel and Saab.) As the expected bankruptcy filing approached, plans were under way for a complicated stock deal that would render existing shares essentially worthless. Secured bondholders were being offered full payment in new company stock, while others were being told to expect far less...
...meanwhile, has been asked to take a deal similar to the one struck with Chrysler. Autoworkers would give up some holidays and bonuses. Their wages would not automatically rise in the future as they had in the past. Some 20,000 jobs would be cut, and future hires would earn wages comparable to those paid in Toyota's U.S. factories. When those givebacks are added to an earlier surrender of the notorious "jobs bank" - which paid laid-off autoworkers for doing nothing - clearly the UAW's once heavenly bed has lost much of its fluff. What remains is the VEBA...
...This piece of the transaction has proved most controversial - and is perhaps the biggest potential obstacle to a smooth reorganization of GM. The problem: the VEBA's haircut - trading promised cash for riskier shares - is less severe than the deal offered to some bondholders. And that's not the way bankruptcy is normally done...