GM tying up loose ends for bankruptcy, freep.com reports. The iconic automaker’s stock closed at 75 cents a share Friday, after trading as high as $18 during the past year.
The Detroit automaker locked in a labor deal with the UAW that the union says will save GM as much as $1.3 billion a year. Germany’s finance minister said a plan was approved for Canadian auto supplier Magna to move ahead with a rescue of GM’s European Opel division.
The 100-year-old automaker even scheduled a news conference for midday Monday in New York City — the place where most observers believe GM will file for Chapter 11.
President Barack Obama is to discuss the auto industry in an event set for Monday, and White House spokesman Robert Gibbs said the president’s daily economic briefing on Friday focused on the state of GM and Chrysler.
“It’s incorrect and not accurate to say that somehow … that the unions have given less or haven’t played their part,” Gibbs said.
There are many players in the GM bankruptcy drama, including workers, taxpayers, and bondholders, to name a few. The amended 2007 national contract covers 54,000 hourly workers, who voted earlier this week.