Word: uaw
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Dates: during 2000-2009
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...President's auto task force is stark and steep: shrink labor costs, including retiree health-care expenses; slash debt; kill or sell low-performing brands; and reduce the number of models for sale and the number of dealers selling them. Should GM, the United Auto Workers (UAW) and the company's bondholders fail to figure out how to execute those tasks by June 1, the government will usher GM into bankruptcy, which could lead to its breakup into "good" and "bad" subsidiaries. The bad would be sold for parts...
...truly shocked," says analyst Dennis DesRosiers of Richmond Hill, Ont.-based DesRosiers Automotive Consultants. "LaSorda said things I thought I would never hear from an auto executive." The privately owned automaker has not shown the same flash of bravado and temper in dealing with Congress and the United Autoworkers (UAW) at home. (See pictures of Detroit's decline...
Chrysler may be trying to push the CAW's wage costs below that of the UAW's. Chrysler's hourly compensation for its Canadian work force, including non-wage benefits such as paid time off, is about $58 (C$75) compared with $55 in the U.S . The Detroit Three have extensive operations in Canada because under the Auto Pact signed in the 1960s, they agreed to make 60% of the cars sold to Canadians in their country. In exchange, tariffs were removed from vehicle imports...
What is left unsaid in the news from Ford is that it is academic whether aid for the car companies comes from their private debt holders or the government. The UAW will bend to another round of concessions. At the rate at which The Big Three probably lost money last month, the industry could need $50 billion or more in financial support between now and the end of this year. That assumes that car sales drop at a rate of only...
...already received. But both are missing two pieces they must have by March 31 to convince the government that they are viable: approval from bondholders to restructure their debt and approval from the United Auto Workers to restructure their health-care agreement. Complicating the problem, the bondholders and the UAW are keeping a close eye on each other to make sure that neither side gets a better deal...