AP sources: UAW, GM make progress in auto talks

[Omaha Steve]

Source: AP

By TOM KRISHER and KEN THOMAS

DETROIT (AP) - With a government-imposed deadline for its restructuring plan just a day away, General Motors Corp. (GM) (GM) was making progress Monday in concession talks with debtholders and its main union, but deals may not come until after the deadline passes, according to people briefed on the situation.

Talks at GM and Chrysler LLC
, both of which are living off billions in government loans, continued Monday with few details emerging. Both companies must submit plans to the Treasury Department by Tuesday to show how they will repay the loans and become viable again.

Two people briefed on the GM plan reported progress toward a deal with the United Auto Workers. Both spoke on condition of anonymity because the negotiations are private.


Graphic shows the breakdown of bailout funds (TARP) received by automakers; 1 c x 3 1/2 in; 46.5 mm x 88.9 mm


But UAW Legislative Director Alan Reuther said Monday he does not expect labor agreements in time for Tuesday's deadline.


Read more: http://apnews.excite.com/article/20090216/D96CV18G0.html

[Sadie5]

1. This is what I heard a few hours ago

That talks have broken off due to retiree benefits. Just what I was told by someone in the know.