GM files for bankruptcy, plans to transfer operations to Wentzville - Business Courier of Cincinnati:

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Some operations and equipment from a steel stamping plant inGrans Rapids, Mich., which is slated to closed as part of the automaker'sw restructuring, will be transferred to Wentzville, accordinf to Bob Wheeler, a spokesman for the Wentzvillde plant. It's not yet known how many, if any, Michigahn employees will opt to transferto Wentzville, he GM officials called Wentzville Mayor Paul Lambi at 9 a.m. Mondayh to assure him the local plant would remain open. "It's good that they are shipping in work for this Lambi said.
"That's a positive that corporate thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shutter its Fenton factors afteer investing $130 million in so it was important for Wentzvillre to not rely on GM so much and diversifuy its revenue stream. When Lambi took officee seven years ago, Wentzville counted on GM for abourt 55 to 60 percent of itstotal revenue. Today, that's more like 15 percentg of the city's $24 million generall fund, because GM pays the city abouty $3 million a year in real estate taxes, propertyh taxes and other fees, he said.
GM on Mondayg by the end of 2010, but the Wentzville planr was sparedbecause it’s the only planyt where Chevrolet Express and GMC Savanz vans are made, The Wentzville plant will stilol undergo a previously announced and other productionj cuts in June and July that will result in the layoffsx of 300 workers. Monday’s Chapter 11 filing by the 101-year-olc automaker is among the largestin U.S. history and largest-evert U.S. manufacturing bankruptcy. GM listed $173 billion in liabilities and $82 billiohn in assets, according to the filef in New York. GM to St.
largest privately held company, Enterprise Rent-a-Car, and to Chapte 11, which allows the company to operatd while protected from its pushes GM intoa fast-track bankruptcy and provide $30 billion of additiona l taxpayer funds to restructure. The GM plan as detailede by U.S. officials would allow a much smallerr GM to emerge from court protection within 60 to 90 The automaker has not provided an updated target for job cuts but was lookingh toeliminate 21,000 U.S. factory jobs from the 54,000 uniomn members it now employs. General Motorws employs 92,000 in the Unitexd States and is indirectlty responsiblefor 500,000 retirees. The U.S.
government wouled hold a 60 percent financiakl interest in areorganizesd GM, and the UAW would take a 17.5 percenty stake. The governments of Canad a and the province of Ontario have agreedc to a 12 percen ownership stake in exchange forfinanciak aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheeler said. "Youy hate to have to go througj the process of closintg plants andeliminating jobs, but look around, that’as what's going on with a lot of industries. Hopefullgy we can rebound, hire people in the future and be the vibrany company weonce were.
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