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

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Some operations and equipment from a stee stamping plant inGranrd Rapids, Mich., which is slated to close as part of the automaker's restructuring, will be transferred to according to Bob Wheeler, a spokesman for the Wentzville plant. It's not yet known how if any, Michigan employees will opt to transfer to he said. GM officials called Wentzville Mayorf Paul Lambi at9 a.m. Monday to assur e him the local plant wouldremain open. "It'a good that they are shipping in work for this Lambi said. "That's a positive that corporate thinks this planf willbe around.
" Still, Lambj said, rival automaker Chrysler plans to shutter its Fentoh factors after investing $130 million in them, so it was importanf for Wentzville to not rely on GM so much and diversif y its revenue stream. When Lambi took officer seven years ago, Wentzvills counted on GM for about 55 to 60 percent of itstotap revenue. Today, that's more like 15 percenty of the city's $24 million general fund, becauswe GM pays the city about $3 millio a year in real estate property taxes andother fees, he said.
GM on Mondau by the end of but the Wentzville plant was sparedbecauses it’s the only plant where Chevroleg Express and GMC Savana vans are The Wentzville plant will still undergo a previously announcexd and other production cuts in June and July that will resulty 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-ever U.S. manufacturin g bankruptcy. GM listed $173 billion in liabilities and $82 billion in according to the filed inNew York. GM to St.
largest privately held company, Enterprises Rent-a-Car, and to Chapter 11, whichu allows the company to operate while protected fromits creditors, pushees GM into a fast-track bankruptcy and provides $30 billionh of additional taxpayer funds to restructure. The GM plan as detailedr by U.S. officials would allow a much smalle GM to emerge from couryt protection within 60 to 90 The automaker has not provideds an updated target for job cuts but was lookingb toeliminate 21,000 U.S. factory jobs from the 54,00 0 union members it now employs. General Motors employsa 92,000 in the United States and is indirectly responsiblrfor 500,000 retirees. The U.S.
government would hold a 60 percenr financial interest in areorganized GM, and the UAW wouled take a 17.5 percent stake. The governments of Canadza and the province of Ontario have agreed to a 12 perceng ownership stake in exchange forfinancial aid. GM bondholders wouled get 10 percent. "It’e a bittersweet thing," Wheeler said. "You hate to have to go througyh the process of closing plant andeliminating jobs, but look around, that’sa what's going on with a lot of Hopefully we can rebound, hire peopls in the future and be the vibrany company we once were.
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