This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GM Reportedly Near Deal With UAW

By Tom Krisher and Ken Thomas

DETROIT -- General Motors (GM - Get Report) and the United Auto Workers were getting close to an agreement on concessions, a person briefed on the negotiations said Tuesday, just hours before GM and Chrysler must submit a restructuring plan to the Treasury Department to justify its federal loans.

Details of the deal were not available. Negotiations went all night Monday and into Tuesday, said the person, who spoke on condition of anonymity because the plan has yet to be submitted.

Both GM and Chrysler were racing to finish restructuring plans to present to the federal government, but final deals with debt holders and union workers may not come until after Tuesday's government-imposed deadline passes, according to others who also were briefed on the situation.

The people briefed on the talks did not want to be identified because the negotiations are private.

GM scheduled a news conference for 6:30 p.m. EST to discuss its restructuring plans, and Chrysler planned to hold a conference call with reporters at 5 p.m.

The status of Chrysler's talks was unknown.

GM on Tuesday received the last $4 billion of the $13.4 billion it was promised by the Treasury Department, White House spokesman Robert Gibbs told reporters aboard Air Force One. Chrysler has received $4 billion.

The plans are supposed to outline how the automakers intend to again become viable and repay the government loans. Ford (F - Get Report), which borrowed billions from private sources before credit markets tightened, has said it can make it through 2009 without government help.
1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
F $14.98 0.00%
GM $33.02 0.00%
AAPL $111.60 0.00%
FB $94.26 0.00%
GOOG $646.67 0.00%


Chart of I:DJI
DOW 17,131.86 +47.37 0.28%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,838.6430 +8.1730 0.17%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs