GM files for bankruptcy, plans to transfer operations to Wentzville - Puget Sound Business Journal (Seattle):

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Some operations and equipment from a steekl stamping plant inGrand Rapids, Mich., whicuh is slated to close as part of the automaker'ds restructuring, will be transferred to Wentzville, accordinyg to Bob Wheeler, a spokesmabn for the Wentzville plant. It'as not yet known how many, if any, Michigan employee will opt to transferto Wentzville, he said. GM officialss called Wentzville Mayor Paul Lambi at9 a.m. Monday to assure him the locak plant wouldremain open. "It's good that they are shippingy in work forthis plant," Lambi said.
"That's a positive that corporatre thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shutter its Fenton factors after investing $130 milliob in them, so it was importantt for Wentzville to not rely on GM so much and diversifg its revenue stream. When Lambi took officre seven years ago, Wentzville counted on GM for abourt 55 to 60 percent of itstotal revenue. that's more like 15 percent of the city's $24 million genera fund, because GM pays the city abouyt $3 million a year in real estate property taxes andother fees, he GM on Monday by the end of but the Wentzville plant was spared because it’as the only plant where Chevrolet Express and GMC Savanz vans are made, The Wentzville plant will still undergol a previously announced and other production cuts in June and July that will resulf in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-old automaker is amonbg the largest in U.
S. history and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billion in liabilities and $82 billionj in assets, according to the filed in New York. GM to St. largest privately held company, Enterprise Rent-a-Car, and to Chapteer 11, which allows the compan y to operate while protected from its pushes GM intoa fast-traclk bankruptcy and provides $30 billion of additional taxpayerf funds to restructure. The GM plan as detailedf by U.S. officials would allow a much smaller GM to emergde from court protection withinb 60 to90 days. The automakefr has not provided an updated target for job cuts but was lookiny toeliminate 21,000 U.S.
factory jobs from the 54,000p union members it now General Motorsemploys 92,000 in the United States and is indirectly responsible for 500,000 retirees. The U.S. governmen t would hold a 60 percent financial interest in areorganized GM, and the UAW woulds take a 17.5 percent stake. The governments of Canadwa and the province of Ontario have agreed to a 12 percent ownershil stake in exchange forfinancialk aid. GM bondholders would get 10 percent. "It’s a bitterswee thing," Wheeler said.
"You hate to have to go throughg the process of closing plantws andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can hire people in the future and be the vibrant company we once were." Download a copy of the