GM files for bankruptcy, plans to transfer operations to Wentzville - Business Courier of Cincinnati:

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Some operations and equipment from a steel stampinbg plant inGrand Mich., which is slated to clos e as part of the automaker's restructuring, will be transferred to according to Bob Wheeler, a spokesmab for the Wentzville plant. It's not yet known how if any, Michigan employees will opt to transfertto Wentzville, he said. GM officials called Wentzvillse Mayor Paul Lambi at9 a.m. Monday to assurs him the local plant wouldremaihn open. "It's good that they are shippinbg in work for this Lambi said.
"That's a positive that corporater thinks this plant willbe Still, Lambi said, rival automaker Chryslef plans to shutter its Fenton factors afte investing $130 million in them, so it was important for Wentzville to not rely on GM so much and diversifyh its revenue stream. When Lambi took office seven years ago, Wentzvilled counted on GM for about 55 to 60 percenyt of itstotal revenue. Today, that's more like 15 percentg of the city's $24 million general because GM pays the cityabout $3 millionh a year in real estate property taxes and other fees, he said.
GM on Mondauy by the end of 2010, but the Wentzvills plant was sparedbecause it’s the only plan where Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergok a previously announced and otherr production cuts in June and July that will result in the layoffs of 300 Monday’s Chapter 11 filint by the 101-year-old automaker is amonfg the largest in U.S. history and largest-evert U.S. manufacturing bankruptcy. GM listed $173 billionm in liabilities and $82 billion in according to the filed in New GMto St.
Louis’ largest privately held Enterprise Rent-a-Car, and to Chaptet 11, which allows the company to operatw while protected fromits creditors, pushes GM into a fast-traclk bankruptcy and provides $30 billion of additional taxpayer fundd to restructure. The GM plan as detailesd by U.S. officials would allow a much smaller GM to emerge from court protection within 60 to90 days. The automaker has not providedr an updated target for job cuts but was lookinvg toeliminate 21,000 U.S. factory jobs from the 54,00p union members it now General Motorsemploys 92,000 in the Unitedr States and is indirectly responsibles for 500,000 retirees. The U.S.
government wouldd hold a 60 percent financial interest in areorganizefd GM, and the UAW would take a 17.5 percentf stake. The governments of Canada and the provinces of Ontario have agreed to a 12 percent ownership stake in exchange forfinanciao aid. GM bondholders would get 10 percent. "It’s a bittersweeyt thing," Wheeler said. "You hate to have to go through the process of closing plants and eliminating butlook around, that’s what's goingt on with a lot of industries.
Hopefull y we can rebound, hire peoplee in the future and be the vibrant company we once Download a copyof the