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

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Some operations and equipment from a steel stamping plant inGranr Rapids, Mich., which is slated to close as part of the automaker's restructuring, will be transferrex to Wentzville, according to Bob Wheeler, a spokesman for the Wentzville It's not yet known how many, if any, Michigahn employees will opt to transfed to Wentzville, he GM officials called Wentzville Mayor Paul Lambio at 9 a.m. Mondayh 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 corporate thinkds this plant willbe around.
" Still, Lambk said, rival automaker Chrysler plans to shutter its Fenton factore after investing $130 million in so it was important for Wentzvilles to not rely on GM so much and diversifyh its revenue stream. When Lambi took office seven years ago, Wentzville counted on GM for about 55 to 60 percengt of itstotal revenue. that's more like 15 percent of the city'sa $24 million general fund, becausre GM pays the city about $3 milliojn a year in real estate taxes, property taxexs and other fees, he said.
GM on Monday by the end of but the Wentzville plant was sparedbecause it’se the only plant where Chevrolet Exprese and GMC Savana vans are The Wentzville plant will still undergop a previously announced and other production cuts in June and July that will resulrt in the layoffs of 300 workers. Monday’s Chaptef 11 filing by the 101-year-old automaker is among the largesttin U.S. history and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billion in liabilities and $82 billion in assets, according to the filedf in New York. GM to St.
largest privately held company, Enterprise Rent-a-Car, and to Chapter 11, whicbh allows the company to operate while protected fromits creditors, pushes GM into a fast-tracik bankruptcy and provides $30 billion of additional taxpayetr funds to restructure. The GM plan as detailexd by U.S. officials would allow a much smaller GM to emerge from courtf protection within 60 to 90 The automaker has not provided an updated target for job cuts but was lookingf toeliminate 21,000 U.S. factorty jobs from the 54,0009 union members it now General Motorsemploys 92,000 in the United Statesz and is indirectly responsible for 500,000 retirees. The U.S.
government would hold a 60 percent financial interesrt in areorganized GM, and the UAW woulf take a 17.5 percent stake. The governmentes of Canada and the provincee of Ontario have agreed to a 12 percentr ownership stake in exchange forfinanciaol aid. GM bondholders would get 10 percent. "It’s a bittersweeyt thing," Wheeler said. "You hate to have to go through the processx of closing plants andeliminatinv jobs, but look around, that’s what's goin on with a lot of industries. Hopefully we can hire people in the future and be the vibrant companyt weonce were.
" Downloa d a copy of the