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Thread: UAW’s Chrysler Equity Is Small Comfort as Union’s Power Wanes

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[quote=MARRIE,365544]The UAW could own 39 percent of the company, but GM said it may wind up with 40,000 hourly workers in the U.S. -- down from 450,000 in 1979.

Chrysler listed assets and debt of more than $1 billion in documents filed today in U.S. Bankruptcy Court in New York. Banks including Citigroup Inc., JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs Group Inc. had lent Chrysler $6.9 billion, secured by factories, real estate and other assets.

On the surface, the UAW had a better day yesterday than Chrysler’s senior secured lenders, some of whom President Barack Obama blamed for causing the bankruptcy by rejecting a proposal to cut the company’s loan debt to $2.25 billion in cash.

New York-based OppenheimerFunds Inc. said it rejected the offer because the government “unfairly” asked the fund’s shareholders to make greater sacrifices than were being asked of unsecured creditors, especially the UAW.

The union’s new contract at Chrysler preserved the current $28-an-hour pay scale for active UAW workers, plus maintains their current health-care benefits. It contains significant concessions in other areas.

Contract Concessions 
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