Ailing automobile manufacturer General Motors has reached an agreement with the United Auto Workers union that will enable a mass restructuring plan at the automaker, according to Reuters.
The deal between the two was enabled through an agreement to cut labor costs and change the debt terms for $20 billion in retiree healthcare. Following negotiation between the two parties, the agreement will go to a ratification vote by GM’s approximately 54,000 factory workers.
President Barack Obama has set a deadline of June 1 by which the automaker must resolve questions relating to its overall debt restructuring.