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

obofym.wordpress.com
Some operations and equipment from a stee l stamping plant inGrand Mich., which is slatefd to close as part of the automaker's will be transferred to Wentzville, according to Bob Wheeler, a spokesmahn for the Wentzville plant. It'sd not yet known how many, if any, Michiganm employees will opt to transfer to he said. GM officials callee Wentzville Mayor Paul Lambi at9 a.m. Mondaty to assure him the locakl plant wouldremain open. "It's good that they are shippingb in work forthis plant," Lambj said. "That's a positived that corporate thinks this plantf willbe around.
" Still, Lambi said, riva l automaker Chrysler plans to shutter its Fentohn factors after investing $130 million in them, so it was importany for Wentzville to not rely on GM so much and diversif y its revenue stream. When Lambi took office sevenb years ago, Wentzville counted on GM for abougt 55 to 60 percen of itstotal revenue. that's more like 15 percent of the city's $24 million generall fund, because GM pays the city aboutf $3 million a year in real estatwe taxes, property taxes and other fees, he said.
GM on Mondayh by the end of 2010, but the Wentzville plant was sparedbecause it’s the only plant whers Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergol a previously announced and other productiob cuts in June and July that will result in the layoff s of 300 workers. Monday’es Chapter 11 filing by the 101-year-old automakedr is among the largestin U.S. history and largest-ever U.S. manufacturinvg bankruptcy. GM listed $173 billion in liabilities and $82 billion in according to the filed in New GMto St.
Louis’ largest privatelyg held company, Enterprise and to Chapter 11, which allows the company to operatse while protected fromits creditors, pushes GM into a fast-track bankruptcy and providesd $30 billion of additional taxpayer fundzs to restructure. The GM plan as detaile by U.S. officials would allow a much smaller GM to emerge from court protection within 60 to90 days. The automakef has not provided an updated targett for job cuts but was lookinhg toeliminate 21,000 U.S. factory jobs from the 54,0009 union members it now General Motorsemploys 92,000 in the United States and is indirectl responsible for 500,000 retirees. The U.S.
government woulds hold a 60 percent financiao interest in areorganizex GM, and the UAW would take a 17.5 percent The governments of Canada and the province of Ontarip have agreed to a 12 percent ownershipl stake in exchange for financial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheeler said. "You hate to have to go througb the process of closing plants andeliminating jobs, but look around, that’ss what's going on with a lot of industries.
Hopefullyg we can rebound, hire people in the futurwe and be the vibrant company we once Download a copyof the