Part 3
Under the new scenario, as much as 70% of GM would (fall) to the government, which has lent the automaker $19.4 billion and (probably) would lend it several times more than that in a bankruptcy.
If approved, the agreement would in effect hand the (federal) government a controlling stake in one of the world's largest (industrial) companies.
Leaders of union locals voted unanimously Tuesday to recommend ratification, and members will vote on it today and Thursday. The (deal) also includes cost concessions affecting vacation pay, (relief) time and workplace rules.
George McGregor, president of UAW Local 22 in Detroit, said he was expecting his 1,500 members to (approve) the contract.
"The mood is to bring it on so we can move (forward)," McGregor said. "I call this agreement a 'pacemaker.' It's something to keep your heart going until you get a new heart."
On Monday, the Canadian Auto Workers union (membership) ratified a new contract of their own, (further) reducing GM's labor costs.
Increasingly, however, it is the (bondholders), and not the unions, that present the biggest obstacle.