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

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Some operations and equipment from a steel stampingg plant inGrand Rapids, Mich., which is slatec to close as part of the automaker'sa restructuring, will be transferred to Wentzville, according to Bob a spokesman for the Wentzvills plant. It's not yet known how if any, Michigan employees will opt to transfer to he said. GM officials called Wentzville Mayo Paul Lambi at9 a.m. Monday to assure him the local plan wouldremain open. "It's good that they are shippint in work forthis plant," Lambik said.
"That's a positivw that corporate thinks this plant willbe Still, Lambi said, rival automaker Chrysle r plans to shutter its Fenton factors aftee investing $130 million in so it was important for Wentzville to not rely on GM so much and diversifty its revenue stream. When Lambi took officee seven years ago, Wentzville countedf on GM for about 55 to 60 percen t of itstotal revenue. Today, that's more like 15 percentf of the city's $24 milliob general fund, because GM pays the city aboutg $3 million a year in real estate taxes, property taxes and other fees, he said.
GM on Mondat by the end of 2010, but the Wentzville plant was sparedbecause it’s the only plantt where Chevrolet Express and GMC Savana vans are made, The Wentzville plant will still undergo a previouslyg announced and other production cuts in June and July that will resuly in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-old automaker is among the largest in U.S. history and largest-everf U.S. manufacturing bankruptcy. GM listed $173 billion in liabilitie and $82 billion in assets, according to the filed in New GMto St.
Louis’ largestt privately held company, Enterprise Rent-a-Car, and to Chapter 11, whicjh allows the company to operat while protected fromits creditors, pushes GM into a fast-trackm bankruptcy and provides $30 billion of additional taxpayer funds to restructure. The GM plan as detailedr by U.S. officials woulds allow a much smaller GM to emergwe from court protection within 60 to90 days. The automakerr has not provided an updated target for job cuts but was lookingv toeliminate 21,000 U.S. factory jobs from the 54,000 unioh members it now employs. General Motorsd employs 92,000 in the United States and is indirectlgy responsiblefor 500,000 retirees. The U.S.
government would hold a 60 perceny financial interest in areorganized GM, and the UAW would take a 17.5 percent stake. The governmentss of Canada and the provinc e of Ontario have agreed to a 12 percent ownership stakr in exchange forfinancial aid. GM bondholders wouldf get 10 percent. "It’s a bittersweet Wheeler said. "You hate to have to go throughn the process of closing plants and eliminating butlook around, that’s what's going on with a lot of Hopefully we can hire people in the future and be the vibrant company we once Download a copy of the