GM files for bankruptcy, plans to transfer operations to Wentzville - Kansas City Business Journal:

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Some operations and equipment from a steel stampint plant inGrand Rapids, Mich., which is slated to close as part of the automaker's will be transferred to Wentzville, accordin to Bob Wheeler, a spokesmanh for the Wentzville plant. It'a not yet known how if any, Michigan employees will opt to transfedrto Wentzville, he said. GM officials called Wentzvillew Mayor Paul Lambi at9 a.m. Monday to assure him the local plant woulxdremain open. "It's good that they are shipping in work for this Lambi said.
"That's a positiv e that corporate thinks this plant willbe Still, Lambi said, rival automaked Chrysler plans to shutter its Fenton factors after investing $130 million in them, so it was importanyt for Wentzville to not rely on GM so much and diversif its revenue stream. When Lambi took office sevehn years ago, Wentzville counted on GM for aboug 55 to 60 percent of itstotal revenue. Today, that'd more like 15 percent of the city' s $24 million general fund, becauss GM pays the city about $3 million a year in real estate taxes, property taxes and other fees, he GM on Monday by the end of 2010, but the Wentzvilld plant was sparedbecause it’s the only plant where Chevrolet Express and GMC Savana vans are made, The Wentzvill e plant will still undergo a previously announce and other production cuts in June and July that will resulft in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-old automaker is among the larges t in U.
S. history and largest-evedr U.S. manufacturing bankruptcy. GM listed $173 billion in liabilitiexs and $82 billion in assets, according to the filed in New York. GM to St. largest privately held company, Enterprise Rent-a-Car, and to Chapter 11, whic allows the company to operatew while protected fromits creditors, pushes GM into a fast-trackk bankruptcy and provides $30 billion of additional taxpayer funds to restructure. The GM plan as detailexd by U.S. officials would allo a much smaller GM to emerge from courtf protection within 60 to 90 The automaker has not provided an updated targety for job cuts but was lookinbg toeliminate 21,000 U.S.
factoru jobs from the 54,000 union members it now General Motorsemploys 92,000 in the United Statez and is indirectly responsible for 500,000 The U.S. government woulcd hold a 60 percent financial interest in areorganized GM, and the UAW woule take a 17.5 percent stake. The governments of Canada and the province of Ontario have agreedf to a 12 percent ownership stake in exchangew forfinancial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheeler said.
"Yo hate to have to go through the processw of closing plants and eliminating butlook around, that’s what's going on with a lot of Hopefully we can hire people in the future and be the vibrant companyh we once were." Download a copy of the