UAW, Chrysler and Fiat reach concession deal

By AP

Detroit, MI – Detroit, MI (AP) - The United Auto Workers union says it has reached a concession agreement with Chrysler, Fiat and the U. S. government.

The union says the deal is painful but takes advantage of the second chance the company was given by the Treasury Department.

The government rejected Chrysler's viability plan in February and said it could not stand on its own.

The union deal means the company has cleared another major hurdle as it races toward a Thursday deadline to restructure and sign an alliance with Italy's Fiat Group SpA.