GM, UAW reportedly make progress in talks

DETROIT (AP) — With a government-imposed deadline for its restructuring plan just a day away, General Motors Corp. 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.

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

One of the people briefed on GM's plan said some parts, such as bondholder and labor agreements, probably won't be complete by the time the plan is submitted to the Treasury Department late Tuesday. GM executives have said the company only has to show substantial progress by Tuesday, with the whole plan finalized by March 31.

For details, see Tuesday's Vindicator or watch Vindy.com.