Following 4 days of hearings last week, the Bankruptcy Judge issued an order late last night approving the proposed agreements which will allow with the restructuring of Chrysler.  These agreements provide for the formation of the new company and the retiree medical agreements.  Under the Judge’s order, the transactions can be completed as early as Friday, June 5. 

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On June 1, President Obama announced GM filed for Chapter 11 Bankruptcy in New York City. That bankruptcy filing is intended to provide an avenue for quick court approval of various restructuring agreements reached between GM, the UAW, the United States Treasury and other GM creditors. The following describes the main features of those agreements and the coming process for court approval.

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The United Auto Workers have ratified an agreement to save General Motors up to $1.3 billion annually. The UAW has about 54,000 members at GM, which employed 243,000 people at the end of last year. The accord was approved with 74%. 

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