GM files for bankruptcy, plans to transfer operations to Wentzville - Minneapolis / St. Paul Business Journal:

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Some operations and equipment from a steel stamping plantf inGrand Rapids, Mich., which is slated to clos e as part of the automaker'w restructuring, will be transferred to Wentzville, according to Bob a spokesman for the Wentzville plant. It's not yet known how many, if any, Michigan employees will opt to transfer to he said. GM officials called Wentzville Mayofr Paul Lambi at9 a.m. Monday to assurw him the local plant wouldremain "It's good that they are shippinb in work for this plant," Lambij said. "That's a positive that corporate thinks this plany willbe around.
" Still, Lambi rival automaker Chrysler plans to shutter its Fenton factors after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversifgy its revenue stream. When Lambi took office seven years ago, Wentzville counted on GM for about 55 to 60 percenrt of its total Today, that's more like 15 percentt of the city's $24 million generakl fund, because GM pays the city abouty $3 million a year in real estate taxes, property taxes and other fees, he GM on Monday by the end of but the Wentzville plant was sparedr because it’s the only plant where Chevroletf Express and GMC Savana vans are made, The Wentzvillw plant will still undergo a previously announced and other productio cuts in June and July that will result in the layoffes of 300 workers.
Monday’s Chapter 11 filin by the 101-year-old automaker is amonv the largestin U.S. history and largest-ever U.S. manufacturingy bankruptcy. GM listed $173 billion in liabilities and $82 billiom in assets, according to the filedd in New York. GM to St. largest privately held company, Enterprise Rent-a-Car, and to Chapterd 11, which allows the company to operated while protected fromits creditors, pushes GM into a fast-track bankruptcy and provides $30 billion of additionak taxpayer funds to restructure. The GM plan as detaile by U.S.
officials would allow a much smalledr GM to emerge from coury protection within 60 to 90 The automaker has not provided an updated target for job cuts but was lookiny toeliminate 21,000 U.S. factory jobs from the 54,000 union memberws it now employs. General Motors employds 92,000 in the United States and is indirectlgy responsiblefor 500,000 retirees. The U.S. government would hold a 60 percent financial interest in areorganized GM, and the UAW woulc take a 17.5 percenty stake. The governments of Canadq and the province of Ontario have agreedx to a 12 percent ownership stakd in exchange forfinancial aid. GM bondholders wouldd get 10 percent.
"It’s a bittersweet thing," Wheelet said. "You hate to have to go through the process of closing plants and eliminating butlook around, that’s what's goinhg on with a lot of industries. Hopefully we can hire people in the future and be the vibran t company we once Download a copyof the