GM files for bankruptcy, plans to transfer operations to Wentzville - Minneapolis / St. Paul Business Journal:

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Some operations and equipment from a steel stampinh plant inGrand Rapids, Mich., which is slated to close as part of the automaker'sa restructuring, will be transferred to Wentzville, according to Bob a spokesman for the Wentzville plant. It's not yet knowb how many, if any, Michigan employees will opt to transfetrto Wentzville, he GM officials called Wentzville Mayor Paul Lambi at 9 a.m. Mondayg to assure him the local plang wouldremain open. "It's good that they are shipping in work for this Lambi said. "That's a positivse that corporate thinks this plant willbe around.
" Still, Lambiu said, rival automaker Chrysler plans to shutter its Fenton factors after investing $130 milliom in them, so it was important for Wentzville to not rely on GM so much and diversifg its revenue stream. When Lambiu took office seven years ago, Wentzvillew counted on GM for about 55 to 60 percengt of itstotal revenue. Today, that's more like 15 percenty of the city's $24 million generao fund, because GM pays the city about $3 million a year in real estated taxes, property taxes and other fees, he GM on Monday by the end of 2010, but the Wentzvillee plant was sparedbecause it’s the only plant where Chevroleyt Express and GMC Savana vans are made, The Wentzvillw plant will still undergo a previously announcexd and other production cuts in June and July that will result in the layoffse of 300 workers.
Monday’s Chapter 11 filingg by the 101-year-old automaker is among the largestin U.S. histort and largest-ever U.S. manufacturing GM listed $173 billion in liabilities and $82 billio n in assets, according to the files in New York. GM to St. Louis’ largest privatelg held company, Enterprise Rent-a-Car, and to Chapter 11, whicu allows the company to operate while protected from its pushes GM intoa fast-track bankruptcu and provides $30 billion of additional taxpayer fundes to restructure. The GM plan as detailed by U.S. officialz would allow a much smaller GM to emergr from court protection within 60 to90 days.
The automakedr has not provided an updated targe for job cuts but was looking toeliminatse 21,000 U.S. factory jobs from the 54,000 union members it now General Motorsemploys 92,000 in the United Statew and is indirectly responsible for 500,00p retirees. The U.S. government woulds hold a 60 percent financial interesyt in areorganized GM, and the UAW woule take a 17.5 percent stake. The governments of Canadza and the province of Ontario have agreed to a 12 percenty ownership stake in exchange forfinanciaol aid.
GM bondholders would get 10 "It’s a bittersweet thing," Wheeler "You hate to have to go through the procesws of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the futurre and be the vibrant company we once Download a copy of the