Ford gets retiree healthcare deal
From Times Wire Services
Ford Motor Co., the United Auto Workers union and lawyers representing retired workers have reached a legal agreement to shift retiree healthcare costs from the company to a union-administered trust fund.
The company revealed the agreement in a filing with the Securities and Exchange Commission.
Ford also said it issued two notes totaling $6.3 billion that would help fund the trust. The trust will take responsibility for the company’s roughly $23.7-billion retiree healthcare obligation as soon as Dec. 31, 2009.
