The UAW bailout is underway now. The Bush administration has decided to loan billions to GM and Chrysler to keep them afloat for a few more months. By some estimates, this money will run out by the end of March. They are supposed to become financially viable by March 31. They have been instructed to negotiate with debt holders, suppliers and the UAW. I believe the debt holders will play ball. The supply base has already been wrung dry by years of cost reduction demands. They have little to bring to the table. The UAW is already squealing about this plan being unfair to them.

And while the United Auto Workers said the plan would keep factories running, the union said it was upset by loan conditions “singling out workers.”

“We will work with the Obama administration and the new Congress to ensure that these unfair conditions are removed,” said Ron Gettelfinger, president of the UAW. Read more here.