DETROIT – General Motors Corp and the United Auto Workers have reached an agreement on contract changes and restructuring $20 billion in debt owed to a trust fund for retiree healthcare, the union said Thursday.
The tentative agreement, which was reached after a round of intensive talks involving representatives of the U.S. Treasury, will now go to a ratification vote by UAW-represented workers.
Details of the agreement were being withheld until GM workers are briefed on the proposed new contract, the union said in a statement.
A deal between GM and the UAW was one of the key obstacles for the automaker to clear before a June 1 deadline for the company to restructure its debt as part of a process widely expected to include a bankruptcy filing.
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