Maybe this is old news, but i read it for the first time a minute ago. It's an excerpt from this article.
BBC NEWS | Business | Obama 'helped' Opel rescue deal

GM 'lifeline'

In the US, General Motors executives on Friday successfully agreed a major cost-saving deal with workers in an effort to pave the way for a major restructuring of its US-based business.

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Three-quarters of all United Auto Workers (UAW) union members voted to accept a freeze on pay and an end to bonuses - cutting labour costs by up to $2bn a year, the union said.

It also agreed to cut health benefits to retired employees.

Instead of the company funding health care costs for former workers, the union health trust will do so. The union will take an ownership stake in return for absolving GM of its responsibilities.

The UAW also agreed not to strike until 2015 in a bid to shore up the company and save jobs.

Despite the concessions, 21,000 jobs are expected to be lost and several plants will be closed in the US.

"We've given a lifeline to GM until they can rebound," said Ron Gettelfinger, UAW president.

By 1 June, ownership of the US based business is expected to be shared between the US government (72.5%), the union's health trust (17.5%) and GM's former creditors.