Breaking: UAW Health Care Trust tentative deal to get 17.5% of GM stock

[RB TexLa]

General Motors (NYSE:GM) has made an offer to the United Auto Workers (UAW) union healthcare trust, known as a voluntary employee benefit association, or VEBA. Reports indicate that GM will give the VEBA a $2.5 billion note, $6.5 billion in preferred stock and warrants for 2.5% of GM common stock. The VEBA will also receive up to 17.5% of GM common shares in the newly restructured company.




http://www.mysmartrend.com/briefs.asp?nwdate=20090526&story=27