Nearly 700 Ohio GM Workers Take Latest Buyout

Thursday, March 26, 2009 Download  RSS  Short URL  Share

WIth just days to go before a deadline to finalize a restructuring plan, General Motors announced the results of its latest round of worker buyouts. ideastream®'s Mhari Saito reports.

GM says about 7,500 UAW workers have signed on for the buyout plan. Nearly 700 of those workers are from GM plants in Ohio. The largest number of buyouts come from Lordstown’s GM complex, where nearly 250 workers from the Assembly and Fabrication plants have signed up to leave. Nearly 200 workers have taken buyout packages at GM’s metal stamping center in Mansfield. Analysts say that plant could be one of the first to go if GM chooses to shut down factories. GM workers from Parma, Toledo and Defiance also took buyouts.  The last day of work for most of these employees will be April 1.

GM is hoping to get government approval for an additional $16.6B in bridge loans to help it get through the worst auto sales slump in nearly three decades. The company is working with investors and other stakeholders on meeting a March 31st deadline to present a viable restructuring plan. Without the aid, GM says it could go into bankruptcy. 

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This feature is part of the series GM in Bankruptcy.