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Businesses

Submission + - GM Erases Retiree Obligations (detnews.com)

AikonMGB writes: "General Motors has agreed to a tentative deal with the United Auto Workers (UAW) aimed at decreasing costs and increasing competitiveness with foreign automakers, particularly Toyota Motor Corp. The core of the new deal revolves around the establishment of an independent retiree trust fund managed by the UAW. GM will hand over $35 billion to the trust fund, which will take over responsibilities for retiree obligations such as health care. This will allow GM to wipe these obligations off its registers, which will in turn raise GM's credit ratings and lower GM's borrowing costs."

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