GM to Miss Restructuring Deadline, Win Extension

Seeks one month extension to allow negotiations with UAW, bondholders
By Gabriel Winant,  Newser User
Posted Mar 27, 2009 7:35 AM CDT
General Motors Chief Executive Officer Richard Wagoner listens as President Barack Obama, not pictured, speaks about the economy at Business Roundtable, March 12, 2009.
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(Newser) – General Motors, about to miss its March 31 deadline for completing the cost-cutting restructuring plan it submitted to the government, is expected to get a 30-day extension, reports the Wall Street Journal. Though the UAW has agreed to shed 7,600 jobs at GM next week, and another 10,000 by October, according to Journal sources, it’s still haggling over restructuring retiree health care and is holding out to see how many concessions GM is able to extract from the company’s bondholders, who hold $27 billion in debt.