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UAW Local 31’s members votecd for the concessions by roughly 63 percenty to37 percent, President Jeff Manning GM’s has about 2,100 union and about 300 salaried workers. The vote comees the day after GM’e bid to stave off its bondholders came up pushing the company closer to abankruptcy filing. GM said Tuesdat that its offer to bondholders totrade $27.2 billioh of unsecured debt for company stock failed to satisfhy the debt-reduction requirement in its loan agreements with the . The Detroig automaker (NYSE: GM) confirmed that the principap amount of notes tendered was substantially less than the amountgGM required. The offedr to bondholders expiredat 10:59 p.m. Tuesday.
The company’w board will meet to discusas thenext step, which many analysts expecyt to result in a bankruptcyu filing. The federal government already has loaned GM morethan $19 GM faces a government-imposed Mondah deadline for coming up with an acceptable plan for survivingv the economic crisis or filint bankruptcy.
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