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U.S. markets recover from steep losses
TORONTO, April 20 (UPI) -- The Canadian Auto Workers union has warned Chrysler Canada workers the company could go bankrupt as negotiations began Monday in Toronto.
The letter circulated to some 8,000 Chrysler workers said if the company files for bankruptcy, pensioners could see their benefits cut back, the Financial Post reported.
"Bankruptcy protection is all about the collapse of auto sales, the brinkmanship of the bondholders and other financial interests, and the failure of governments," the CAW letter said.
Friday, Chrysler Canada's top two executives sent a letter to each employee asking them to heed the federal government and the potential partner, Italian automaker Fiat, to reduce all-in wages and benefits by $19 an hour to the $57 mark, which CAW President Ken Lewenza immediately denounced.
Chrysler workers made a show of burning the letters in an oil drum outside the Windsor, Ontario, plant, the report said.
"It's a very dangerous situation," CAW economist Jim Stanford told the Post. "All the brinkmanship can lead to very unforeseen consequences."
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