The New GM Emerges With Thousands Fewer Jobs, $50B In Government Money

[Omaha Steve]

http://www.laborradio.org/node/11494

By Doug Cunningham

GM is emerging as a new company today with $50 billion in government money, having shed huge debts and liabilities in a 38-day fast-tracked bankruptcy. The last legal hurdle to the reorganization was overcome Thursday when a New York judge refused to stay GM’s assets sale. The federal government will own 60 percent of the new company while a UAW run retiree health care trust will own 17.5 percent. The union is paying a huge price to help GM renew itself – having given up tens of thousands of jobs and billions of dollars in cash payments to the retiree health care trust and future wage and benefits concessions.