UAW Applauds Auto Loans

Says workers must not be singled out for unfair conditions

Detroit–(ENEWSPF)– "We’re pleased that the Bush administration has acted today to provide urgently needed emergency bridge loans to America’s auto companies and to pursue a process for restructuring outside of bankruptcy," said UAW President Ron Gettelfinger. "This will keep the doors of America’s factories open, keep Americans working and prevent the devastating economic consequences for millions of Americans and thousands of businesses that would have resulted from a liquidation of operations by one or more auto companies."

The UAW, Gettelfinger said, is reviewing the documents released today. "All stakeholders — management, directors, bondholders, suppliers, dealers, workers — will have to participate in shared sacrifices to help the industry move forward," he said, noting that UAW members have already made substantial sacrifices to help make the domestic auto companies more competitive.

"While we appreciate that President Bush has taken the emergency action needed to help America’s auto companies weather the current financial crisis, we are disappointed that he has added unfair conditions singling out workers," said Gettelfinger. "These conditions were not included in the bipartisan legislation endorsed by the White House, which passed the House of Representatives and which won support from a majority of senators.

"We will work with the Obama administration and the new Congress to ensure that these unfair conditions are removed," said Gettelfinger, "as we join in the coming months with all stakeholders to create a viable future for the U.S. auto industry."