This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/england/west_midlands/7920268.stm

The article has changed 3 times. There is an RSS feed of changes available.

Version 1 Version 2
LDV Vans workers take 10% pay cut LDV Vans workers take 10% pay cut
(about 3 hours later)
Workers at the LDV Vans factory in Birmingham have agreed to a 10% pay cut and three-day week in an effort to save the firm.Workers at the LDV Vans factory in Birmingham have agreed to a 10% pay cut and three-day week in an effort to save the firm.
The decision was taken at a mass meeting at the Washwood Heath plant where details of a management buyout plan to save the company were unveiled.The decision was taken at a mass meeting at the Washwood Heath plant where details of a management buyout plan to save the company were unveiled.
Up to 850 jobs have been under threat after the production line was halted before Christmas. Up to 850 jobs have been under threat since the production line was halted before Christmas.
The company said it had been hit by a downturn in worldwide van sales.The company said it had been hit by a downturn in worldwide van sales.
The meeting was attended by union leaders who have been involved in talks.The meeting was attended by union leaders who have been involved in talks.
'Best solution' Bonuses cancelled
Managers have said they want to restart production on 6 April if the buyout is sucessful. Managers have said they want to restart production on 6 April, starting at 22 vehicles a week, if the buyout is successful.
Erik Eberhardson, buyout leader, said the plan was vital to the firm's survival. I am now more confident than ever that the management buyout is the best solution for LDV Erik Eberhardson, buyout leader
Earlier this month, the government turned down a bid by the firm to secure up to £30m in a bridging loan, prompting Russian parent firm, Gaz, to warn hundreds of jobs were at risk. Staff would work from 0700 GMT until 1730 GMT and managers hope production could increase to 250 vehicles a week.
Mr Eberhardson said there were "important steps" to take in the next few days to ensure the buyout goes through. But managers warned if this level was not achievable it would begin talks with unions about job cuts.
"The next key action is to consult the employees about their support for it," he said. "The management team has been in discussion with the trade unions and expect these to conclude [later]." Erik Eberhardson, buyout leader, said he hoped to return salaries to normal levels eventually but this would not be during 2009.
Mr Eberhardson said those discussions were "progressing". All bonuses have also been cancelled.
"I remain confident that the buyout can offer the best solution for the British economy, LDV, its employees and suppliers and the management team and I are doing everything in our power to deliver the plan," he said. Mr Eberhardson added: "This latest news is one of a number of steps being taken to improve the business plan for potential investors.
"I am now more confident than ever that the management buyout is the best solution for LDV, the economy, the workforce and all LDV's valued business partners."
Earlier this month, the government turned down a bid by the firm to secure up to £30m in a bridging loan, prompting Russian parent firm, Gaz, to warn that hundreds of jobs were at risk.
A spokesman for the Unite union said the firm was in a "serious" situation.A spokesman for the Unite union said the firm was in a "serious" situation.
"We are still looking for the government to provide short-term funding while a longer term solution is found," he said. "We are still looking for the government to provide short-term funding while a longer-term solution is found," he said.