- Big 3 automakers are seeking $34bn in Treasury assistance to avert bankruptcy amidst liquidity crunch, slumping sales and high operating costs. Ford seeking $9bn credit line. Chrysler seeking $7bn. GM seeking $12 bn in federal loans and $6 bn credit line. Big 3 plan to use the loan to reduce debt, number of factories and brands, develop hybrid cars and improve fuel efficiency, and reduce CEO and executive pay to $1 per year
- UAW willing to modify labor contracts to reduce labor costs by allowing the Big 3 delay payments into the retirees health-care program and suspend the jobs bank program for laid-off workers