UAW in Negotiations with General Motors and U.S. Treasury

Cleary Gottlieb is representing the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) in its negotiations with General Motors and the U.S. Treasury regarding the funding for retiree healthcare obligations in connection with the planned restructuring of GM.

Cleary Gottlieb represented the UAW in connection with the novel agreements entered into in the spring of 2008 with GM, Ford Corporation and Chrysler to establish Voluntary Employee Beneficiary Association trust funds to provide health care benefits for current and future retirees and thereby remove the estimated future cost of retiree health care obligations (so-called “OPEB”) from the balance sheets of the automakers.

Cleary Gottlieb is also representing the UAW in connection with the pending bankruptcy of Chrysler.