Sen. Bob Corker said today that his alternative for providing emergency aid to General Motors and Chrysler LLC is gaining support, not just among lawmakers but also within the industry.
Corker wants to impose three conditions on providing $14 billion in immediate federal loans to GM and Chrysler:
• Detroit 3 companies would have to convert at least two-thirds of their creditors' debt to equity by March 31, 2009, or either repay the loans or file for bankruptcy protection.
•UAW workers for the Detroit 3 would have to accept the same pay, benefits and work rules as employees of import-brand factories.
• Half of Detroit 3 payments to UAW-administered health trusts for retired workers would be in stock, not cash.
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