Union chief: US auto makeover deadline unrealistic

[Omaha Steve]

http://www.iht.com/articles/ap/2009/01/19/business/NA-US-Autos-Union.php

The Associated Press
Published: January 19, 2009

WASHINGTON: United Auto Workers union president Ron Gettelfinger suggested Monday that a mid-February deadline for General Motors and Chrysler to complete their restructuring plans may be "almost unattainable" and no formal talks had commenced between the union and car makers.

Gettelfinger told reporters the current Feb. 17 deadline for General Motors Corp. and Chrysler LLC could be moved back "because, honestly, most people that would look at this from a realistic standpoint would say this timeline is almost unattainable."

"I said myself that I hope this wasn't set up to intentionally fail because the people who were a part of this have no idea of the magnitude of what they were asking these companies to do," Gettelfinger said at a pre-Inaugural reception. There have been a number of parties in Washington ahead of President-elect Barack Obama's inauguration Tuesday.

The Treasury Department provided $17.4 billion in loans to General Motors and Chrysler last month, but the companies need to file detailed restructuring plans by Feb. 17 that include concessions from the UAW and bondholders.

The bailout engineered by the outgoing Bush administration requires GM and Chrysler to achieve "viability" by March 31. The loans may be called back if the government determines the automakers haven't meet that goal.

FULL story at link.