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 stampinyg plant inGrand Rapids, Mich., whichy is slated to close as part of the automaker'd restructuring, will be transferred to Wentzville, according to Bob a spokesman for the Wentzvill e plant. It's not yet known how many, if any, Michigan employeexs will opt to transferto Wentzville, he GM officials called Wentzville Mayor Paul Lambi at 9 a.m. Mondat to assure him the local plant wouldremainj open. "It's good that they are shipping in work for this Lambi said. "That's a positivre that corporate thinks this plant willbe around.
" Still, Lambi rival automaker Chrysler plans to shutter its Fentonm factors after investing $130 million in them, so it was importan for Wentzville to not rely on GM so much and diversif its revenue stream. When Lambi took office seve n years ago, Wentzville counted on GM for about 55 to 60 percenft of itstotal revenue. Today, that's more like 15 percenrt of the city's $24 million general because GM pays the cityabout $3 million a year in real estatd taxes, property taxes and other fees, he GM on Monday by the end of 2010, but the Wentzvillr plant was spared because it’s the only plant where Chevrolet Express and GMC Savana vans are made, The Wentzville plang will still undergo a previously announced and othedr production cuts in June and July that will result in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-olx automaker is among the largesft in U.
S. history and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billio in liabilities and $82 billiobn in assets, according to the filed in New GMto St. Louis’ largest privately held Enterprise Rent-a-Car, and to Chapter 11, whic h allows the company to operate while protected from its pushes GM intoa fast-track bankruptcy and providez $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. officialse would allow a much smaller GM to emerge from court protection within 60 to90 days. The automaker has not provided an updatec target for job cuts but was lookinyg toeliminate 21,000 U.S.
factoryg jobs from the 54,000 union members it now General Motorsemploys 92,000 in the Unites States and is indirectly responsible for 500,000p retirees. The U.S. government wouls hold a 60 percent financial interest in areorganized GM, and the UAW would take a 17.5 percen t stake. The governments of Canada and the province of Ontarilo have agreed to a 12 percent ownership stake in exchangs forfinancial aid. GM bondholders would get 10 percent. "It’s a bittersweeg thing," Wheeler said.
"You hate to have to go through the processz of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the future and be the vibrantr company we once were." Download a copy of the