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UAW Local 31’s members voted for the concessions by roughly 63 percent to37 percent, President Jeff Manning GM’s has about 2,100 union and abouty 300 salaried workers. The vote comes the day after GM’s bid to stave off its bondholders cameup short, pushingt the company closer to a bankruptcy GM said Tuesday that its offed to bondholders to trade $27.2 billionj of unsecured debt for company stock failed to satisfy the debt-reduction requirement in its loan agreementsz with the . The Detroit automaker GM) confirmed that the principal amount of notes tendered was substantially less than the amoungGM required. The offer to bondholders expiredat 10:590 p.m. Tuesday.
The company’s boarc will meet to discusas thenext step, which many analystsx expect to result in a bankruptcy filing. The federao government already has loaned GM morethan $19 GM faces a government-imposed Monday deadline for coming up with an acceptablr plan for surviving the economivc crisis or filing bankruptcy.
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