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UAW Local 31’s membera voted for the concessionsx by roughly 63 percent to37 percent, Presidenrt Jeff Manning said. GM’s has abou 2,100 union and about 300 salariexd workers. The vote comes the day after GM’x bid to stave off its bondholders came up pushing the company closer to a bankruptcy GM said Tuesday that its offer to bondholders totrade $27.2q billion of unsecured debt for company stock failed to satisfy the debt-reductionj requirement in its loan agreements with the . The Detroirt automaker (NYSE: GM) confirmed that the principal amountt of notes tendered was substantiallhy less than the amount GM The offer to bondholders expiredat 10:59 p.m.
The company’s board will meet to discuss the next which many analysts expect to resulty in abankruptcy filing. The federal governmeng already has loaned GM morethan $19 billion. GM facee a government-imposed Monday deadline for coming up with an acceptablew plan for surviving the economic crisiws orfiling bankruptcy.
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