It’s been a good week for Chrysler. The United Auto Workers ratified the new collective bargaining agreement with nearly 55 percent of the vote and the company also announced a third quarter profit of more than $200 million.
Chrysler today posted a $212 million profit in the third-quarter,
Despite mixed results in the early voting, it appears likely that the United Auto Workers will ratify a new contract with Chrysler in the next few days.
Ford Motor Company and the United Auto Workers have reached an agreement on a new contract that includes significant signing bonuses and more jobs for autoworkers.
Now that two of the Big Three automakers have survived bankruptcy and returned to profitability, the United Auto Workers say they want the concessions they made to help that process paid back in the next union contracts — with Ford in particular.
Ford did not join General Motors More…
LANSING — The Senate Committee on Reforms, Restructuring and Reinventing approved a resolution Wednesday morning that starts the process to revoke partner benefits for unmarried state workers.
The benefit plan was approved by the Michigan Civil Service Commission in January.
Republicans, led by Sen. Rick Jones (R-Grand Ledge), More…
Robert Reich, economist and former Clinton administration labor secretary, doesn’t think much of General Motors expected bankruptcy filing today, as the nation’s largest automaker prepares for a de facto government rescue and takeover. If the United States really wanted to help GM, Reich wrote in an op/ed for More…
Specifically, Chapter 11. General Motors’ creditors have rejected the latest offer extended to them to facilitate an out-of-court restructuring — a swap of some $27 billion in GM debt for a 10 percent equity stake in the new, reorganized company. Creditors are complaining that union stakeholders were offered a More…
The Washington Post reports that the Detroit automaker is on its way to joining Chrysler in bankruptcy proceedings:
The Obama administration is preparing to send General Motors into bankruptcy as early as the end of next week under a plan that would give the automaker tens
A proposed deal that would give Fiat a 35 percent stake in Chrysler in exchange for small car technology will depend on what new demands are placed on the struggling American automaker when the Obama administration’s auto task force announces its future bailout strategy on Monday. Automotive News reports: More…
Another good point made by TWI’s Daphne Eviatar and Josh Marshall, who sums it up well. From TPM:
Senate Republicans are following this course for three key reasons — first is payback against a major industrial union; second is payback against states like Michigan
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