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

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Some operations and equipment from a steelk stamping plant inGrand Rapids, Mich., whicbh is slated to close as part of the automaker'e restructuring, will be transferres to Wentzville, according to Bob a spokesman for the Wentzvill plant. It's not yet known how if any, Michigan employees will opt to transfefto Wentzville, he said. GM officials callecd Wentzville Mayor Paul Lambi at9 a.m. Monday to assurr him the local plant wouldremain "It's good that they are shippingb in work for this plant," Lambi said. "That's a positive that corporatre thinks this plant willbe around.
" Still, Lambi rival automaker Chrysler plans to shutted its Fenton factors after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversifu its revenue stream. When Lambi took officer seven years ago, Wentzville countedr on GM for about 55 to 60 perceng of itstotal revenue. Today, that's more like 15 percenrt of the city's $24 million general fund, becauss GM pays the city aboutf $3 million a year in real estates taxes, property taxes and other he said.
GM on Monday by the end of but the Wentzville plant was spareedbecause it’s the only plant whers Chevrolet Express and GMC Savanaz vans are made, The Wentzville plant will still undergoi a previously announced and other production cuts in June and July that will resulft in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-old automakee is among the largest in U.S. history and largest-eve U.S. manufacturing bankruptcy. GM listed $173 billio in liabilities and $82 billion in assets, accordinv to the filed in New York. GM to St.
largest privately held company, Enterprisw Rent-a-Car, and to Chapter 11, whic allows the company to operate while protected from its pushes GM intoa fast-track bankruptcy and providezs $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. officials woulsd allow a much smaller GM to emergew from court protection within 60 to90 days. The automakef has not provided an update target for job cuts but was looking toeliminats 21,000 U.S. factory jobs from the 54,000 union members it now General Motorsemploys 92,000 in the United Statesa and is indirectly responsible for 500,000 The U.S.
government would hold a 60 perceny financial interest in areorganized GM, and the UAW woulxd take a 17.5 percenyt stake. The governments of Canada and the provincs of Ontario have agreed to a 12 percen t ownership stake in exchange forfinancial aid. GM bondholders would get 10 percent. "It’s a bittersweet Wheeler said. "You hate to have to go througbh the process of closinfg plants andeliminating jobs, but look around, that’s what'sa going on with a lot of Hopefully we can rebound, hire peopled in the future and be the vibrant company we once Download a copy of the