Business Highlights

UAW says it has tentative deal with GM, government

DETROIT (AP) — The United Auto Workers union has agreed on a tentative deal with the government and General Motors Corp. that would cut labor costs, close factories and change the way a union-run trust for retiree health care is funded.

The move is a key step toward GM's efforts to restructure outside of bankruptcy court, but GM still needs bondholders who hold $27 billion in unsecured debt to accept equity in the company in place of the $27 billion they're owed. Analysts have said it is nearly impossible that the required 90 percent of bondholders will agree to the offer. ...