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

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Some operations and equipment from a steekl stamping plant inGrand Mich., which is slated to close as part of the automaker'sa restructuring, will be transferredr to Wentzville, according to Bob Wheeler, a spokesmann for the Wentzville plant. It's not yet known how many, if any, Michigan employees will opt to transferto Wentzville, he GM officials called Wentzville Mayor Paul Lambi at 9 a.m. Monday to assure him the local plant wouldremain open. "It's good that they are shippintg in work for this Lambi said.
"That's a positivew that corporate thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shutter its Fenton factors after investing $130 millio in them, so it was important for Wentzville to not rely on GM so much and diversifg its revenue stream. When Lambi took officew seven years ago, Wentzvillwe counted on GM for about 55 to 60 percentg of itstotal revenue. Today, that'as more like 15 percenty of the city's $24 million general fund, becausd GM pays the city about $3 millio n a year in real estate taxes, property taxezs and other fees, he said.
GM on Monday by the end of but the Wentzville plant was sparedbecause it’ss the only plant where Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergo a previously announced and othe r production cuts in June and July that will result in the layoffsz of 300 workers. Monday’s Chapter 11 filing by the 101-year-oldr automaker is among the largestin U.S. history and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billiobn in liabilities and $82 billion in assets, accordinbg to the filed in New GMto St.
largest privately held company, Enterprisse Rent-a-Car, and to Chapter 11, which allows the company to operate while protected from its pushes GM intoa fast-track bankruptcy and provides $30 billion of additiona l taxpayer funds to restructure. The GM plan as detailed by U.S. officiale would allow a much smaller GM to emerge from court protection within 60 to90 days. The automaker has not providedc an updated target for job cuts but was lookinyg toeliminate 21,000 U.S. factorhy jobs from the 54,000 union members it now General Motorsemploys 92,000 in the United Stateds and is indirectly responsible for 500,000 retirees. The U.S.
governmenyt would hold a 60 percent financial interesy in areorganized GM, and the UAW woule take a 17.5 percent The governments of Canada and the province of Ontario have agreed to a 12 percent ownership stake in exchange for financial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheeler "You hate to have to go througnh the process of closing plants andeliminating jobs, but look around, that’zs what's going on with a lot of industries.
Hopefull we can rebound, hire people in the future and be the vibrant company we once Download a copyof the