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Bailout Deal for Automakers Prohibits Strikes
Updated from 6:29 a.m. EST
DETROIT -- A provision of General Motors' (GM Quote) $13.4 billion in federal loans automatically places them in default if GM's union workers go on strike, and newspaper reports say Chrysler's $4 billion loan includes similar terms.
A GM filing with the Securities and Exchange Commission detailed the loan provision. The Detroit Free Press and the Detroit News reported Friday, citing unnamed sources, that Chrysler's loan deal has a similar provision.
A person briefed on Chrysler loan, who didn't want to be identified because the company is in talks with the United Auto Workers union about concessions, confirmed Thursday that the Chrysler deal also has a similar provision. ...
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