The United Auto Workers has reached agreement with Chrysler, Fiat and the US government on concessions to its 2007 contract and healthcare trust, the union said last night.
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Thousands of Canadian Auto Workers (CAW) members at Chrysler facilities in Brampton, Windsor and Etobicoke have voted in favour of a new restructuring agreement, ratifying the deal by 87% during a series of meetings held over the past two days. The deal was reached late on 24 April between the two sides.
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The U.S. Treasury is expected to make a new debt restructuring offer to Chrysler's first-lien lenders as soon as Monday in the wake of cost-cutting deals the struggling automaker won with unions, people briefed on the negotiations said on Sunday.
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Chrysler and the UAW agreed to revised labor terms that may help the automaker forge an alliance with Fiat S.p.A. and qualify for additional U.S. rescue loans.
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Cautious lenders have raised the stakes for dealers if General Motors or Chrysler LLC files for bankruptcy: At risk are the personal assets of many dealers. Lenders that provide inventory credit lines have required more than half of U.S.
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Fiat wants to forge an alliance with Chrysler LLC even if the company is forced into Chapter 11, according to a source familiar with the matter.
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Chrysler Canada and the Canadian Auto Workers union have finally reached an agreement, ratified by the workers over the weekend. In all, 87% of Chrysler Canada's 8,000 workers accepted the measures put forth to allow the company to continue with its restructuring plan.
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The UAW said it reached a labor agreement with Chrysler LLC, Fiat S.p.A. and the U.S. Treasury Department.
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The UAW said it reached a labor agreement with Chrysler LLC, Fiat S.p.A. and the U.S. Treasury Department.
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There has been some progress in U.S. government-driven negotiations to save Chrysler LLC, according to a senior White House official, who on Sunday also did not rule out an attempt to complete the company's restructuring in bankruptcy.
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The debate over the U.S. government's bid to reshape the American auto industry through bankruptcy comes down to this: the spreadsheets of a handful of former investment bankers pitted against the street sense of thousands of U.S.
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With just days to go for Chrysler LLC to reach agreements to cut labor and debt costs or face bankruptcy, members of Michigan's Democratic congressional delegation said on Saturday the onus was now on the U.S.
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The Canadian unit of Chrysler may not need to seek bankruptcy protection, even if the company does so in the United States, Canadian Finance Minister Jim Flaherty said on Saturday.
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The UAW is holding weekend negotiations with Chrysler LLC as the struggling U.S. automaker races toward a month-end deadline to clinch concessionary deals with its union and creditors.
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The Canadian Auto Workers tentatively agreed late Friday to new concessions with Chrysler LLC that will save the automaker $240 million annually and help avoid a bankruptcy filing, union President Ken Lewenza said.
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Jim Press spent a busy day Friday trying to reassure Chrysler dealers to carry on with business as usual despite news reports that a bankruptcy filing may be imminent.
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Jim Press spent a busy day Friday trying to reassure Chrysler dealers to carry on with business as usual despite news reports that a bankruptcy filing may be imminent.
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Jim Press spent a busy day Friday trying to reassure Chrysler dealers to carry on with business as usual despite news reports that a bankruptcy filing may be imminent.
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In their quest to identify the classic cars of the future, Hagerty is constantly monitoring the pulse of the automotive industry, looking for potential future classics. With the recent news surrounding government bailouts, potential bankruptcies and turmoil amongst GM and Chrysler, many Americans are wondering how this will impact what cars they will see on the road.
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The Canadian Auto Workers tentatively agreed tonight to new concessions that will save the struggling automaker $240 million annually and help the carmaker to try to avoid a bankruptcy filing, CAW President Ken Lewenza said at a news conference.
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