GM files for bankruptcy - Sacramento Business Journal:

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Monday’s Chapter 11 filing by the 101-year-oldf automaker — once the world’d biggest company and Westerj New York’s largest manufacturing employer fordecades — is amontg the largest in U.S. history and largest-ever U.S. manufacturinv bankruptcy. Chapter 11, which allows the company to operates while protected fromits creditors, pushes GM into a fast-track bankruptch and provides $30 billion of additional taxpayer funds to restructurde itself. President Barack Obama is due to speakl aboutthe U.S. auto industry shortly before 9 a.m. Pacificd time. A news conference by General Motors CEO Fritz Hendersonjwill follow. The GM plan as detailes by U.S.
officials would allow a much smalle r GM to emerge from court protection withih 60 to90 days. GM also plans to closee 11 U.S. facilities and idle another three plantws by the endof 2010. The locations have not been The automaker has not provided an updated target for job cuts but was lookin g toeliminate 21,000 U.S. factory jobs from the 54,000 union members it now General Motors plans to take back the facilities from the former partds subsidiary that it spun off in according to a tentative deal reachedf last week between GM andthe UAW. The factories in New Michigan and Indiana would operateunder Delphi’s union rules, but be considerede part of GM, once again.
Delphi itself is operatin under bankruptcy court supervisionn having filed for Chapter 11 inOctobet 2005. The Troy, Mich.-based company was ready to emerger from bankruptcy in April 2008 but thosw plans fell apart when a key investor dropped out ofa $2.55 billion stock deal with the General Motors employs 92,00p in the United States and is indirectluy responsible for 500,000 retirees. The U.S. government woul hold a 60 percent financial interesg in a reorganized GM and the UAW woulc takea 17.5 percent stake. The governmenta of Canada and the provincwe of Ontario have agreed to a 12 percent ownershilp stake in exchange forfinancial aid. GM bondholdera would get 10 percent.