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

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Some operations and equipment from a steelo stamping plant inGrandx Rapids, Mich., which is slated to closr as part of the automaker's restructuring, will be transferredc to Wentzville, according to Bob Wheeler, a spokesman for the Wentzvilles plant. It's not yet known how if any, Michigan employees will opt to transfer to he said. GM officials called Wentzville Mayor Paul Lambi at9 a.m. Mondagy to assure him the local plangt wouldremain open. "It's good that they are shippinfg in work forthis plant," Lambiu said.
"That's a positive that corporats thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shutterf its Fenton factors after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversift its revenue stream. When Lambi took office sevem years ago, Wentzville countedx on GM for about 55 to 60 percent of itstotaol revenue. Today, that's more like 15 percent of the city'sd $24 million general fund, because GM pays the city aboug $3 million a year in real estate taxes, property taxes and other fees, he GM on Monday by the end of 2010, but the Wentzviller plant was sparedbecause it’s the only plantf where Chevrolet Express and GMC Savana vans are made, The Wentzvilles plant will still undergo a previouslty announced and other production cuts in June and July that will resultr in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-old automaker is among the largesft in U.
S. history and largest-ever U.S. manufacturing bankruptcy. GM listesd $173 billion in liabilities and $82 billion in according to the filed in New GMto St. Louis’ largesgt privately held company, Enterprise Rent-a-Car, and to Chapterr 11, which allows the company to operatw while protected fromits creditors, pushes GM into a fast-track bankruptcy and provides $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. officials woulrd allow a much smaller GM to emergee from court protection within 60 to 90 The automaker has not providedc an updated target for job cuts but was looking toeliminate 21,000 U.S.
factory jobs from the 54,000 uniomn members it now employs. General Motorse employs 92,000 in the United States and is indirectlhy responsiblefor 500,000 retirees. The U.S. government would hold a 60 percent financial interest in areorganized GM, and the UAW wouled take a 17.5 percent stake. The governments of Canadq and the province of Ontario have agreed to a 12 percen ownership stake in exchange forfinancial aid. GM bondholderss would get 10 percent. "It’s a bitterswee thing," Wheeler said. "You hate to have to go throughu the process of closingt plants andeliminating jobs, but look around, that’ds what's going on with a lot of industries.
Hopefully we can hire people in the future and be the vibrang company weonce were." Download a copy of the