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

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Some operations and equipment from a steel stamping plangt inGrand Rapids, Mich., which is slated to close as part of the automaker'sa restructuring, will be transferred to Wentzville, according to Bob a spokesman for the Wentzville plant. It's not yet known how many, if any, Michiganh employees will opt to transfeerto Wentzville, he said. GM officials callerd Wentzville Mayor Paul Lambi at9 a.m. Monda to assure him the local planft wouldremain open. "It's good that they are shipping in work forthis plant," Lambi said. "That'sw a positive that corporate thinkz this plant willbe around.
" Lambi said, rival automaker Chryslert plans to shutter its Fento n factors after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversifh its revenue stream. When Lambi took offic seven years ago, Wentzville counted on GM for abouyt 55 to 60 percent of itstotal revenue. Today, that's more like 15 percenyt of the city's $24 million generaol fund, because GM pays the city about $3 millionj a year in real estate taxes, property taxes and other fees, he GM on Monday by the end of 2010, but the Wentzvill plant was sparedbecause it’ s the only plant where Chevrolet Express and GMC Savanaw vans are made, The Wentzvillee plant will still underg o a previously announced and other production cuts in June and July that will resulg in the layoffs of 300 Monday’s Chapter 11 filingt by the 101-year-old automaker is amonb the largest in U.
S. history and largest-ever U.S. manufacturing GM listed $173 billion in liabilitiea and $82 billion in according to the filed inNew York. GM to St. Louis’ largesg privately held company, Enterprise Rent-a-Car, and to Chapter 11, which allows the companyg to operate while protected fromits creditors, pushes GM into a fast-traci bankruptcy and provides $30 billiojn of additional taxpayer funds to The GM plan as detailed by U.S. officials wouldf allow a much smaller GM to emergse from court protection within 60 to 90 The automaker has not provider an updated target for job cuts but was lookinvg toeliminate 21,000 U.S.
factory jobs from the 54,0000 union members it now General Motorsemploys 92,000 in the Unitedx States and is indirectly responsible for 500,00o0 retirees. The U.S. governmentt would hold a 60 percen t financial interest in areorganized GM, and the UAW woul take a 17.5 percent The governments of Canada and the provincde of Ontario have agreed to a 12 percent ownership stake in exchangwe for financial aid. GM bondholders wouldd get 10 percent. "It’x a bittersweet thing," Wheeler "You hate to have to go througjh the process of closing plants andeliminatinf jobs, but look around, that’w what's going on with a lot of industries.
Hopefully we can rebound, hire people in the futures and be the vibrant company we once Download a copyof the