GM files for bankruptcy, plans to transfer operations to Wentzville - Business First of Louisville:

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Some operations and equipment from a steekl stamping plant inGrand Mich., which is slatedc to close as part of the automaker's will be transferred to according to Bob Wheeler, a spokesman for the Wentzvill plant. It's not yet known how if any, Michigan employees will opt to transfereto Wentzville, he GM officials called Wentzville Mayor Paul Lamb at 9 a.m. Monday to assurw him the local plant woulxremain open. "It's good that they are shipping in work for this Lambi said. "That's a positive that corporated thinks this plant willbe around.
" Still, Lambi said, rivakl automaker Chrysler plans to shutter its Fentomn factors after investing $130 million in them, so it was importanr for Wentzville to not rely on GM so much and diversifh its revenue stream. When Lambu took office seven years ago, Wentzville countef on GM for about 55 to 60 percent of itstotal Today, that's more like 15 percentt of the city's $24 million generakl fund, because GM pays the city about $3 million a year in real estated taxes, property taxes and other fees, he said.
GM on Monday by the end of but the Wentzville plant was sparedbecause it’s the only plantf where Chevrolet Express and GMC Savana vans are made, The Wentzvillwe plant will still undergo a previously announcefd and other production cuts in June and July that will resultg in the layoffs of 300 workers. Monday’as Chapter 11 filing by the 101-year-old automaker is among the largesytin U.S. history and largest-ever U.S. manufacturinv bankruptcy. GM listed $173 billion in liabilities and $82 billionj in assets, according to the filed in New York. GM to St.
largest privately held company, Enterprise Rent-a-Car, and to Chapter 11, whichy allows the company to operate while protectexd fromits creditors, pushes GM into a fast-tracm bankruptcy and provides $30 billion of additionap taxpayer funds to restructure. The GM plan as detailed by U.S. official s would allow a much smallerf GM to emerge from court protection within 60 to 90 The automaker has not provided an updated targeyt for job cuts but was looking toeliminate 21,0009 U.S. factory jobs from the 54,000 union members it now employs. General Motors employs 92,000 in the Unitecd States and is indirectly responsiblefor 500,000 The U.S.
government would hold a 60 percent financiak interest in areorganized GM, and the UAW woulxd take a 17.5 percent stake. The governments of Canada and the provinced of Ontario have agreed to a 12 perceny ownership stake in exchange forfinancial aid. GM bondholderz would get 10 percent. "It’s a bittersweet Wheeler said. "You hate to have to go throughg the process of closing plant andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the futurd and be the vibrant company we once Download a copy of the