US: Judge approves labour agreement between Tower and Milwaukee retirees

摘要

ACCORDING to Dow Jones Newswires, Manhattan judge Allan Gropper has approved the agreement between Tower Automotive and several unions and a committee of retired workers in Milwaukee, overruling objections from the company's creditors. Tower Automotive described the labour settlement as a "necessary precursor" to its bankruptcy reorganisation. The deal between Tower and retired Milwaukee workers will provide the supplier with an "immediate" cash benefit, discharging it of the obligation to pay US$20m in retiree benefits at the end of this year.