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

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Some operations and equipment from a steel stamping plant inGrand Rapids, Mich., which is slater to close as part of the automaker'ss restructuring, will be transferred to Wentzville, according to Bob Wheeler, a spokesman for the Wentzville plant. It's not yet knowj how many, if any, Michigann employees will opt to transfeto Wentzville, he said. GM officiales called Wentzville Mayor Paul Lambi at9 a.m. Monday to assurwe him the local plant woulrdremain open. "It's good that they are shipping in work for this Lambi said. "That's a positive that corporate thinkx this plant willbe around.
" Still, Lambi said, rival automaker Chrysler plans to shutter its Fenton factorss after investing $130 million in so it was important for Wentzvilles to not rely on GM so much and diversifhy its revenue stream. When Lambui took office seven years ago, Wentzville counted on GM for abourt 55 to 60 percent of itstotalo revenue. Today, that's more like 15 percent of the city's $24 millio general fund, because GM pays the city abouft $3 million a year in real estate property taxes andother fees, he GM on Monday by the end of but the Wentzville plangt was spared because it’s the only plant where Chevrolef Express and GMC Savana vans are made, The Wentzvilles plant will still undergo a previously announcef and other production cuts in June and July that will result in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-olsd automaker is among the largesg in U.
S. history and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billionm in liabilities and $82 billionn in assets, according to the filedx in New York. GM to St. largest privately held company, Enterprise and to Chapter 11, which allows the companty to operate while protected fromits creditors, pushesd GM into a fast-track bankruptcy and provides $30 billion of additional taxpayer funds to restructure. The GM plan as detailes by U.S. officials would allo a much smaller GM to emerged from court protection within 60 to90 days. The automakert has not provided an updated target for job cuts but was looking toeliminat 21,000 U.S.
factory jobs from the 54,000 union membersz it now employs. General Motors employs 92,00 in the United States and is indirectlyh responsiblefor 500,000 retirees. The U.S. governmeng would hold a 60 percent financialo interest in areorganized GM, and the UAW woulr take a 17.5 percent The governments of Canada and the province of Ontaripo have agreed to a 12 percent ownershipl stake in exchange for financial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheele r said.
"You hate to have to go througy the process 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 futur and be the vibrant company we once Download a copy of the