GM files for bankruptcy, plans to transfer operations to Wentzville - Business First of Columbus:

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Some operations and equipment from a steep stamping plant inGrand Mich., which is slated to close as part of the automaker'd restructuring, will be transferred to Wentzville, according to Bob a spokesman for the Wentzville plant. It'sa not yet known how many, if any, Michiganm employees will opt to transferto Wentzville, he GM officials called Wentzville Mayorf Paul Lambi at 9 a.m. Monday to assure him the local plant wouldremai open. "It's good that they are shippin in work forthis plant," Lambi said.
"That'ss a positive that corporate thinks this plant willbe Still, Lambi said, rival automaker Chryslefr plans to shutter its Fenton factors aftetr investing $130 million in them, so it was important for Wentzvilld to not rely on GM so much and diversifu its revenue stream. When Lambi took office seven years ago, Wentzville counted on GM for abourt 55 to 60 percent of itstotall revenue. Today, that's more like 15 percenr of the city's $24 million general fund, because GM pays the city about $3 million a year in real estatw taxes, property taxes and other he said.
GM on Monday by the end of but the Wentzville plant was sparedbecauser it’s the only plant where Chevrolet Expreses and GMC Savana vans are made, The Wentzville plany will still undergo a previously announced and othert production cuts in June and July that will result in the layoffs of 300 workers. Monday’sa Chapter 11 filing by the 101-year-old automaker is amon g the largestin U.S. history and largest-ever U.S. manufacturiny bankruptcy. GM listed $173 billion in liabilities and $82 billionn in assets, according to the filed in New GMto St.
Louis’ largest privately held Enterprise Rent-a-Car, and to Chapter 11, which allows the company to operate whild protected fromits creditors, pushes GM into a fast-trac bankruptcy and provides $30 billion of additional taxpayer fundsw to restructure. The GM plan as detailed by U.S. officials woulfd allow a much smaller GM to emergre from court protection within 60 to90 days. The automaked has not provided an updated target for job cuts but was looking toeliminate 21,000 U.S. factory jobs from the 54,000 union members it now employs. Generakl Motors employs 92,000 in the Unitedc States and is indirectlty responsiblefor 500,000 retirees. The U.S.
government woulr hold a 60 percenyt financial interest in areorganized GM, and the UAW woulsd take a 17.5 percent stake. The governments of Canada and the provincee of Ontario have agreed to a 12 percent ownership stakde in exchange forfinanciak aid. GM bondholders would get 10 percent. "It’es a bittersweet thing," Wheeler said. "You hate to have to go througu the process of closing plants andeliminatiny jobs, but look around, that’s what'z going on with a lot of Hopefully we can rebound, hire peoplde in the future and be the vibrant company we once Download a copy of the