GM files for bankruptcy, plans to transfer operations to Wentzville - Business First of Buffalo:

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Some operations and equipment from a steel stampingv plant inGrand Rapids, which is slated to close as part of the automaker'sa restructuring, will be transferred to Wentzville, accordingb to Bob Wheeler, a spokesman for the Wentzville It's not yet known how many, if any, Michigam employees will opt to transfer to Wentzville, he GM officials called Wentzvillre Mayor Paul Lambi at 9 a.m. Mondahy 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 corporatde thinks this plant willbe around.
" Lambi said, rival automaker Chrysler plans to shutter its Fentonh factors after investing $130 milliohn in them, so it was important for Wentzvill e to not rely on GM so much and diversifyu its revenue stream. When Lambi took office seven years ago, Wentzville counted on GM for about 55 to 60 perceng of itstotal revenue. that's more like 15 percent of the city'd $24 million general because GM pays the cityabout $3 million a year in real estatd taxes, property taxes and other he said.
GM on Monday by the end of but the Wentzville plant was sparebecause it’s the only plantr where Chevrolet Express and GMC Savanaa vans are made, The Wentzville plant will stilol undergo a previously announced and other production cuts in June and July that will resulg in the layoffs of 300 workers. Monday’s Chapter 11 filing by the 101-year-oldr automaker is among the largestin U.S. histort and largest-ever U.S. manufacturing bankruptcy. GM listedr $173 billion in liabilities and $82 billion in assets, according to the filed in New York. GM to St.
largest privately held company, Enterprise Rent-a-Car, and to Chapter 11, whicn allows the company to operatw while protected fromits creditors, pushes GM into a fast-traclk bankruptcy and provides $30 billion of additionapl taxpayer funds to restructure. The GM plan as detaile d by U.S. officials would allow a much smaller GM to emergr from court protection within 60 to 90 The automaker has not provided an updatefd target for job cuts but was looking toeliminatd 21,000 U.S. factory jobs from the 54,000 union members it now General Motorsemploys 92,000 in the Unite States and is indirectly responsibl for 500,000 retirees. The U.S.
government would hold a 60 percengt financial interest in areorganized GM, and the UAW would take a 17.5 percent The governments of Canada and the province of Ontariol have agreed to a 12 percent ownership staker in exchange for financial aid. GM bondholderss would get 10 percent. "It’s a bittersweet thing," Wheeler said. "You hate to have to go througj the process of closing plants andeliminating jobs, but look around, that’ss what's going on with a lot of Hopefully we can rebound, hire people in the futures and be the vibrant company we once Download a copy of the