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UAW chief says union will sell its Chrysler stock

 United Auto Workers President Ron Gettelfinger and Vice President General Holiefield address the media on issues related to the Chrysler bankruptcy f...
 United Auto Workers President Ron Gettelfinger and Vice President General Holiefield address the media on issues related to the Chrysler bankruptcy f...

Chrysler UAW

United Auto Workers President Ron Gettelfinger and Vice President General Holiefield address the media on issues related to the Chrysler bankruptcy f...

Chrysler UAW

United Auto Workers President Ron Gettelfinger and Vice President General Holiefield address the media on issues related to the Chrysler bankruptcy f...

United Auto Workers President Ron Gettelfinger says the union will sell its 55 percent stake in Chrysler as soon as possible to fund a trust that will take over the company's retiree health care payments starting next year.
The UAW last week ratified concessions to help keep Chrysler afloat. The company filed for bankruptcy protection Thursday and is trying to emerge in 30 to 60 days as a stronger company that could end up majority owned by Italy's Fiat.
Gettelfinger told reporters Monday that critics who think the union is getting a better deal than Chrysler's secured debtholders are wrong because the UAW is taking a big risk with Chrysler stock.
Some of Chrysler's creditors are objecting to the deal in bankruptcy court.


Updated : 2021-07-29 23:53 GMT+08:00