united auto workers

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 much better deal than they were [...]

Nearly a month after the executives of the Big Three automakers arrived in Washington on corporate jets to ask Congress for a bailout, a group of auto workers made the same trip by carpool. Their mission was the same, but the blue-collar image they projected was strikingly different.

As congressional lawmakers debate whether America’s automakers deserve an emergency cash infusion, a central point of contention has been the relationship between the powerful autoworkers union and Detroit’s failed business model. In a sentence: Many Republicans argue that the platinum pension and health-care benefits enjoyed by workers have made the Big Three unable to compete [...]