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

pemp66seb.blogspot.com
Some operations and equipment from a steel stampingh plant inGrand Rapids, Mich., which is slatedd to close as part of the automaker'es restructuring, will be transferred to Wentzville, accordingg to Bob Wheeler, a spokesman for the Wentzville It's not yet known how many, if any, Michigab employees will opt to transfer to he said. GM officials called Wentzvillre Mayor Paul Lambi at9 a.m. Monday to assures him the local plant wouldremain open. "It'se good that they are shipping in work for this Lambi said.
"That's a positive that corporat e thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shuttefr its Fenton factors after investing $130 million in them, so it was importantf for Wentzville to not rely on GM so much and diversifgy its revenue stream. When Lambi took office seven years ago, Wentzvillde counted on GM for about 55 to 60 percent of itstotal revenue. Today, that's more like 15 percent of the city'z $24 million general fund, because GM pays the city about $3 millio a year in real estate taxes, property taxese and other fees, he said.
GM on Monday by the end of but the Wentzville plan was sparedbecause it’s the only plant where Chevrolet Express and GMC Savans vans are made, The Wentzville plant will stilo undergo a previously announced and other production cuts in June and July that will result in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-olc automaker is among the largest in U.S. history and largest-everf U.S. manufacturing bankruptcy. GM listed $173 billionj in liabilities and $82 billiom in assets, according to the filed in New GMto St.
Louis’ largest privately held company, Enterprise Rent-a-Car, and to Chapterd 11, which allows the company to operate whilw protected fromits creditors, pushezs GM into a fast-track bankruptcy and provides $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. officiales would allow a much smaller GM to emerger from court protection within 60 to 90 The automaker has not provided an updated target for job cuts but was lookinf toeliminate 21,000 U.S. factoryy jobs from the 54,000 union members it now employs. Genera Motors employs 92,000 in the Uniteds States and is indirectly responsiblefor 500,000p retirees. The U.S.
government would hold a 60 percenrt financial interest in areorganized GM, and the UAW woulr take a 17.5 percent stake. The governmentw of Canada and the province of Ontarilo have agreed to a 12 percent ownership stake in exchange forfinancial aid. GM bondholdersw would get 10 percent. "It’z a bittersweet thing," Wheeler said. "You hate to have to go througnh the process of closinyg plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire peopls in the future and be the vibranyt company we once were.
" Downloadx a copy of the