Sources say GM (GM) is near a deal with the UAW that would cut hourly labor costs by more than...

|By:, SA News Editor

Sources say GM (GM) is near a deal with the UAW that would cut hourly labor costs by more than $1B/year, and halve its commitment to cover healthcare costs to ~$10B, in exchange for a 39% stake in the reorganized GM. Treasury insiders are increasingly confident they can push through a GM reorganization, despite the protests of bondholders who say they're getting the short end of the stick.