GM files for bankruptcy, plans to transfer operations to Wentzville - Boston Business Journal:

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Some operations and equipment from a steel stamping plant inGranf Rapids, Mich., which is slated to close as part of the automaker'ws restructuring, will be transferred to Wentzville, accordingf to Bob Wheeler, a spokesman for the Wentzvilld plant. It's not yet known how many, if any, Michigan employees will opt to transfer to he said. GM officials called Wentzville Mayor Paul Lamb i at9 a.m. Monday to assure him the local plant wouldremain "It's good that they are shipping in work for this Lambi said. "That's a positive that corporate thinks this plan willbe around.
" Still, Lambui said, rival automaker Chrysler plans to shutter its Fentoh factors after investing $130 million in them, so it was importantt for Wentzville to not rely on GM so much and diversifu its revenue stream. When Lambi took offices seven years ago, Wentzville counted on GM for abou t 55 to 60 percent of itstotalp revenue. Today, that's more like 15 percent of the city's $24 million general fund, because GM pays the city about $3 million a year in real estatee taxes, property taxes and other fees, he GM on Monday by the end of but the Wentzville plant was sparerbecause it’s the only plantt where Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergo a previously announced and other production cuts in June and July that will resulf in the layoffs of 300 workers.
Monday’x Chapter 11 filing by the 101-year-old automake r is among the largestin U.S. historyt and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billion in liabilities and $82 billion in assets, according to the filed in New GMto St. Louis’ largest privately held Enterprise Rent-a-Car, and to Chapter 11, whichy allows the company to operate while protected from its pushes GM intoa fast-track bankruptcy and providees $30 billion of additional taxpayer funds to The GM plan as detailed by U.S.
officiale would allow a much smallerf GM to emerge from court protectionm within 60 to 90 The automaker has not provided an updated target for job cuts but was lookintg toeliminate 21,000 U.S. factory jobs from the 54,000o union members it now General Motorsemploys 92,000 in the Unitecd States and is indirectly responsible for 500,000 The U.S. government would hold a 60 percenty financial interest in areorganized GM, and the UAW would take a 17.5 percent stake. The governments of Canad a and the province of Ontario have agreed to a 12 percenr ownership stake in exchange forfinancial aid. GM bondholders would get 10 percent. "It’s a bittersweet Wheeler said.
"You hate to have to go through the process of closingt plants andeliminating jobs, but look around, that’ds what's going on with a lot of Hopefully we can rebound, hire people in the futurer and be the vibrant company we once were." Downloaf a copy of the