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BUSINESS BRIEFING : AUTOMOTIVE : 'Old' GM settles with unions

November 13, 2009|Times Wire Reports

The former General Motors Corp. won approval of a settlement with five unions over retiree healthcare benefits, with the unions agreeing to share a $1-billion unsecured claim against the automaker's bankruptcy estate.

In exchange, the labor groups, including the International Union of Electrical Workers and United Steelworkers, will drop their appeal of the sale of GM's most profitable businesses to a U.S. Treasury-led group in July.

The deal resolves healthcare and pension issues for about 30,000 retirees, a court filing said.

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