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

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Some operations and equipment from a steel stampinb plant inGrand Rapids, which is slated to close as part of the automaker's restructuring, will be transferred to according to Bob Wheeler, a spokesman for the Wentzvills plant. It's not yet known how many, if any, Michigan employees will opt to transferto Wentzville, he said. GM officialw called Wentzville Mayor Paul Lambi at9 a.m. Monda y to assure him the local plany wouldremain open. "It's good that they are shipping in work for this Lambi said.
"That's a positivde that corporate thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shutteer its Fenton factors after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversifyt its revenue stream. When Lambi took officw seven years ago, Wentzville counted on GM for aboutg 55 to 60 percentt of itstotal Today, that's more like 15 percent of the city'se $24 million general fund, because GM pays the city aboutr $3 million a year in real estat e taxes, property taxes and othee fees, he said.
GM on Monday by the end of but the Wentzville plant was sparedbecausr it’s the only plant where Chevroletf Express and GMC Savana vans are The Wentzville plant will still undergo a previouslgy announced and other production cuts in June and July that will resultf in the layoffs of 300 workers. Monday’sa Chapter 11 filing by the 101-year-old automaker is amonyg the largestin U.S. history and largest-evet U.S. manufacturing bankruptcy. GM listed $173 billiom in liabilities and $82 billion in assets, according to the files in New York. GM to St.
Louis’ larges privately held company, Enterprise Rent-a-Car, and to Chapter 11, whicyh allows the company to operate while protected from its pushes GM intoa fast-track bankruptcy and provideas $30 billion of additional taxpayerd funds to restructure. The GM plan as detaileed by U.S. officials would allow a much smalle GM to emerge from court protection within 60 to 90 The automaker has not provided an updatexd target for job cuts but was looking toeliminate 21,0090 U.S. factory jobs from the 54,00p union members it now General Motorsemploys 92,000 in the United States and is indirectlyt responsible for 500,000 The U.S.
government would hold a 60 percent financialo interest in areorganized GM, and the UAW would take a 17.5 percentr stake. The governments of Canada and the provinc of Ontario have agreed to a 12 percenty ownership stake in exchange forfinancial aid. GM bondholdersz would get 10 percent. "It’s a bittersweet thing," Wheeler said. "You hate to have to go throughu 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 future and be the vibrant companyu we once were.
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