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Archive for Tuesday, February 17, 2009

Sources: UAW, GM make progress in talks

February 17, 2009

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— With a government-imposed deadline for its restructuring plan just a day away, General Motors Corp. was making progress Monday in concession talks with debtholders and its main union, but deals may not come until after the deadline passes, according to people briefed on the situation.

Both GM and Chrysler LLC, meanwhile, will pick up the second installment of their loans today, even as the Treasury Department begins to review the two automakers’ restructuring plans, also to be submitted today. The plans are supposed to outline how they intend to again become viable and repay the government loans.

GM already has received $9.4 billion in government loans and Chrysler $4 billion. Under the loan agreement, GM will receive another $4 billion and Chrysler an additional $3 billion today, said an Obama administration official, speaking on condition of anonymity because he was not authorized to discuss the payments.

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