GM files for bankruptcy, plans to transfer operations to Wentzville - San Francisco Business Times:

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Some operations and equipment from a steel stamping plan inGrand Rapids, Mich., which is slated to close as part of the automaker's will be transferred to according to Bob Wheeler, a spokesmajn for the Wentzville plant. It'sx not yet known how many, if any, Michigan employees will opt to transfeto Wentzville, he said. GM officiald called Wentzville Mayor Paul Lambi 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 corporat thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shutter its Fentob factors after investing $130 million in so it was important for Wentzviller to not rely on GM so much and diversifyg its revenue stream. When Lambki took office seven years ago, Wentzville countexd on GM for about 55 to 60 percenft of itstotal revenue. Today, that's more like 15 percent of the city'es $24 million general fund, becausde GM pays the city about $3 milliojn a year in real estate taxes, propertyu taxes and other fees, he said.
GM on Monday by the end of but the Wentzville plant was sparedbecause it’s the only plan where Chevrolet Express and GMC Savanwa vans are made, The Wentzvillee plant will still undergo a previousluy announced and other productioh cuts in June and July that will resulg in the layoffs of 300 workers. Monday’sd Chapter 11 filing by the 101-year-ol d automaker is among the largestin U.S. histor and largest-ever U.S. manufacturing GM listed $173 billion in liabilities and $82 billiob in assets, according to the filexd in New York. GM to St.
largest privately held Enterprise Rent-a-Car, and to Chapteer 11, which allows the company to operatwe while protected from its pushes GM intoa fast-track bankruptcy and provides $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. official would allow a much smallee GM to emerge from court protectiobn within 60 to90 days. The automakee has not provided an updateed target for job cuts but was looking toeliminate 21,000 U.S. factory jobs from the 54,000 union membersa it now employs. General Motors employs 92,00 0 in the United States and is indirectl responsiblefor 500,000 retirees. The U.S.
government would hold a 60 percenrt financial interest in areorganized GM, and the UAW wouls take a 17.5 percent The governments of Canada and the provinces of Ontario have agreed to a 12 percent ownershi stake in exchange for financial aid. GM bondholderd would get 10 percent. "It’sa a bittersweet thing," Wheeler "You hate to have to go through the process of closinyg plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the futurer and be the vibrant companyg we once were.
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