UPDATE 1-GM offers UAW $10 bln in prefered stock

Newswire

DETROIT, March 27 (Reuters) - General Motors Corp has offered to convert half of a $20 billion funding obligation to a union-aligned retiree healthcare trust into preferred stock, business television station CNBC reported on Friday. GM has offered the United Auto Workers union $10 billion in cash, amortized over 20 years, and $10 billion of preferred stock with a 9 percent coupon, to fund the healthcare trust, CNBC reported. Under the terms of GM's $13.4 billion government bailout, the ...

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