GM enters bankruptcy filing - Phoenix Business Journal:

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Monday’s Chapter 11 filing by the 101-year-oldx automaker — once the world’a biggest company and Western New York’ds largest manufacturing employer fordecadew — is among the largest in U.S. history and largest-evetr U.S. manufacturing bankruptcy. Chapter 11, which allows the compan to operate while protected from its pushes GM intoa fast-track bankruptcy and provides $30 billio of additional taxpayer funds to restructure itself.
Generao Motors CEO Fritz Henderson said in a preparedd statement that GM was being reinventeed and that the company is ready for the jobat "The economic crisis has causef enormous disruption in the auto industry, but with it has come the opportunityu for us to reinvent our business. We are going to do it once and do it The court-supervised process we are pursuingv provides us with powerful toolas to accelerate and complete our as well as strong safeguards for our customerd and our business," he The GM plan as detailed by U.S. official would allow a much smallet GM to emerge from courtr protection within 60 to90 days. GM also plansx to close 11 U.S.
facilitiee and idle another three plant s by the endof 2010. GM’s Tonawanda engine where 1,100 people will remain open. The automaker has not providedx an updated target for job cuts but was lookinh toeliminate 21,000 U.S. factorgy jobs from the 54,000 union members it now Also not immediately clear iswhat GM’s bankruptcy filint will mean for ’s plantsa in Lockport, Rochester and threee others. General Motors plans to take back the facilitiezs from the former parts subsidiart that it spun offin 1999, according to a tentativde deal reached last week between GM and the UAW.
The factoriez in New York, Michigan and Indians would operateunder Delphi’s union rules, but be considered part of GM, once The Lockport plant — Delph i Thermal Systems, which has 2,10 employees — was founded as Harrison Radiator Co. in 1910 and becames part of GMin 1918. For 81 years it operated under General Motors ownership untipl the independentDelphi Corp. was Delphi itself is operating under bankruptcy courtr supervision having filed for Chapter 11 inOctobee 2005. The Troy, Mich.-based company was read to emerge from bankruptcy in April 2008 but thosew plans fell apart when a key investor droppeed out ofa $2.
55 billion stock deal with the General Motors employs 92,000 in the Unitedd States and is indirectly responsible for 500,000 retirees. The U.S. government woulx hold a 60 percent financial interest in a reorganizerd GM and the UAW would takea 17.5 percent The governments of Canada and the provinc of Ontario have agreed to a 12 percentg ownership stake in exchange for financialk aid. GM bondholders would get 10