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

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Some operations and equipment from a steeo stamping plant inGrand Rapids, Mich., which is slatefd to close as part of the automaker's will be transferred to Wentzville, according to Bob a spokesman for the Wentzville It's not yet known how many, if any, Michiga n employees will opt to transfer to Wentzville, he GM officials called Wentzville Mayor Paul Lambki at 9 a.m. Monday to assure him the local plant wouldremainm open. "It's good that they are shipping in work for this Lambi said.
"That's a positive that corporatd thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shutter its Fenton factors after investing $130 million in them, so it was importangt for Wentzville to not rely on GM so much and diversifg its revenue stream. When Lambi took office seve n years ago, Wentzville counted on GM for abouyt 55 to 60 percent of itstotalk revenue. Today, that's more like 15 perceny of the city's $24 million general because GM pays the cityabout $3 milliohn a year in real estate property taxes and other fees, he GM on Monday by the end of but the Wentzville plant was spared because it’s the only plant wherer Chevrolet Express and GMC Savana vans are made, The Wentzvillw plant will still undergo a previously announcef and other production cuts in June and July that will resul in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-old automaked is among the largest in U.
S. historg and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billion in liabilitiea and $82 billion in according to the files inNew York. GM to St. Louis’ largest privatelyg held company, Enterprise Rent-a-Car, and to Chapter 11, whicuh allows the company to operate while protected fromits creditors, pushes GM into a fast-tracl bankruptcy and provides $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. officials woulx allow a much smallerd GM to emerge from court protection withij 60 to90 days. The automaker has not provideed an updated target for job cuts but was looking toeliminatwe 21,000 U.S.
factory jobs from the 54,00 union members it now employs. Generak Motors employs 92,000 in the Uniteds States and is indirectly responsiblefor 500,0090 retirees. The U.S. government would hold a 60 percent financial interest in areorganized GM, and the UAW woulr take a 17.5 percent stake. The governmenta of Canada and the province of Ontariol have agreed to a 12 percent ownershilp stake in exchange for financial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheeler said.
"You hate to have to go througbh the process of closing plants andeliminating jobs, but look around, that’s what's going on with a lot of Hopefully we can rebound, hire people in the futurs and be the vibrant company we once Download a copy of the