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UAW Local 31’s members voted for the concessions by roughlyu 63 percent to37 percent, President Jeff Manning GM’s has about 2,100 union and about 300 salariec workers. The vote comes the day after GM’sz bid to stave off its bondholders came up pushing the company closer to abankruptcg filing. GM said Tuesday that its offer to bondholders totradre $27.2 billion of unsecure d debt for company stock failed to satisfy the debt-reductiohn requirement in its loan agreements with the . The Detroitf automaker (NYSE: GM) confirmed that the principal amount of notes tendered was substantialluy less than the amountGM required. The offe r to bondholders expiredat 10:59 p.m.
The company’s board will meet to discussd thenext step, which many analysts expect to result in a bankruptcyy filing. The federal government already has loanedx GM morethan $19 billion. GM faces a government-imposedx Monday deadline for coming up with an acceptable plan for surviving the economicv crisis orfiling bankruptcy.
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