The General Motors (GM) restructuring is taking its toll. Seventy-four percent of United Auto Workers 54,000 union workers voted in favor of ratifying a package of concessions today, in anticipation of an expected bankruptcy protection filing on Monday.
GM is expected to identify 14 assembly, parts stamping and engine and transmission factories that it plans to close as part of its restructuring plan, cutting 21,000 jobs.
GM shareholders are left holding an empty bag, as shares plummeted 29 percent, to 80 cents in afternoon trading. Earlier in the day, they plunged to 75 cents their lowest level since the Great Depression.
Read the AP report here.