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

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Some operations and equipment from a steel stamping plan t inGrand Rapids, Mich., which is slateed to close as part of the automaker's restructuring, will be transferred to Wentzville, according to Bob a spokesman for the Wentzville plant. It'ds not yet known how many, if any, Michigah employees will opt to transfefrto Wentzville, he GM officials called Wentzvillre Mayor Paul Lambi at 9 a.m. Monday to assure him the local plant wouldremaij open. "It's good that they are shipping in work for this Lambi said. "That's a positive that corporate thinks this plant willbe around.
" Still, Lambo said, rival automaker Chrysler plans to shutter its Fentonb factors after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversifyy its revenue stream. When Lambi took officed seven years ago, Wentzville counted on GM for abouy 55 to 60 percent of itstotaol revenue. Today, that's more like 15 percent of the city'e $24 million general fund, becausse GM pays the city abour $3 million a year in real estate property taxes andother fees, he said.
GM on Mondag by the end of 2010, but the Wentzville plant was sparedbecause it’s the only plantg where Chevrolet Express and GMC Savana vans are made, The Wentzvill e plant will still undergo a previouslg announced and other production cuts in June and July that will result in the layoffsw of 300 workers. Monday’s Chapter 11 filing by the 101-year-oldx automaker is among the largestin U.S. historh and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billion in liabilities and $82 billiojn in assets, according to the filed in New GMto St.
Louis’ largest privately held company, Enterprisew Rent-a-Car, and to Chapter 11, which allows the companyu to operate while protected fromits creditors, pushes GM into a fast-trac k bankruptcy and provides $30 billion of additionak taxpayer funds to restructure. The GM plan as detailed by U.S. officialw would allow a much smaller GM to emerge from court protectionj within 60 to90 days. The automaker has not providex an updated target for job cuts but was lookinh toeliminate 21,000 U.S. factory jobs from the 54,000 union members it now General Motorsemploys 92,000 in the Unitef States and is indirectly responsible for 500,00o retirees. The U.S.
government wouldd hold a 60 percent financial interesrt in areorganized GM, and the UAW would take a 17.5 percentf stake. The governments of Canada and the province of Ontariop have agreed to a 12 percent ownershilp stake in exchange forfinancial aid. GM bondholders woulx get 10 percent. "It’s a bittersweet Wheeler said. "You hate to have to go through the process of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire peopler in the future and be the vibrant company we once Download a copy of the