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Creditors, Workers Approve GM Deal

HeadlineMay 29, 2009

Creditors of the auto giant General Motors have approved a deal that would see the US government take at least 70 percent control of the company to save it from collapse. The Canadian government and the United Auto Workers union would also take up smaller ownership shares. On Thursday, a majority of UAW members also approved the ownership deal in return for major concessions on wages and benefits.

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