A strike by the United Auto Workers (UAW) union would void the government’s bailout of General Motors (GM), Securities and Exchange Commission (SEC) filings revealed this week.
Under terms of an agreement to provide assistance to GM, the UAW would have to forfeit one of its most powerful tools in collective bargaining agreements,
Conditions laid out by the agreement stipulate that if “any labor union or collective bargaining unit shall engage in a strike or other work stoppage,” the Department of Treasury would be able to force an immediate repayment of $13.4 billion in loans–and their interest–to the government.
The formal details of the agreement were only filed with the SEC on Wednesday,
The company is also required to submit its restructuring plan to the so-called “car czar,” designated by the president, by February 17. That plan, according to the filing, must include plans to make cars more fuel-efficient, as well as its renegotiated contract with auto workers.
The administration-designated supervisor for the program will have to certify the plan.