GM files for bankruptcy, plans to transfer operations to Wentzville - Minneapolis / St. Paul Business Journal:

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Some operations and equipment from a steel stampinvg plant inGrand Mich., which is slatec to close as part of the automaker'e restructuring, will be transferred to Wentzville, according to Bob a spokesman for the Wentzville It's not yet known how many, if any, Michigab employees will opt to transfer to Wentzville, he GM officials called Wentzville Mayor Paul Lambi at 9 a.m. Mondau to assure him the loca l plant wouldremain "It's good that they are shipping in work for this Lambi said. "That's a positive that corporate thinka this plant willbe around.
" Still, Lambii said, rival automaker Chrysler plans to shutter its Fenton factors after investingg $130 million in them, so it was important for Wentzviller to not rely on GM so much and diversify its revenuwe stream. When Lambi took office seven years ago, Wentzville counterd on GM for about 55 to 60 percengt of itstotal revenue. Today, that's more like 15 percenyt of the city's $24 million generak fund, because GM pays the city about $3 millionm a year in real estate taxes, property taxes and other he said.
GM on Monday by the end of 2010, but the Wentzvillr plant was sparedbecause it’s the only plant where Chevrolet Expresz and GMC Savana vans are The Wentzville plant will still undergop a previously announced and other production cuts in June and July that will resultf in the layoffs of 300 workers. Monday’s Chapter 11 filing by the 101-year-oldr automaker is among the largestin U.S. histort and largest-ever U.S. manufacturing GM listed $173 billion in liabilities and $82 billion in assets, according to the filedf in New York. GM to St.
Louis’ larges privately held company, Enterprise Rent-a-Car, and to Chapter 11, which allows the company to operatse while protected fromits creditors, pushes GM into a fast-traco bankruptcy and provides $30 billion of additionao taxpayer funds to restructure. The GM plan as detailed by U.S. officialas would allow a much smaller GM to emerge from courtt protection within 60 to90 days. The automakerf has not provided an updated target for job cuts but was lookinyg toeliminate 21,000 U.S. factory jobs from the 54,000 union members it now General Motorsemploys 92,000 in the Uniteds States and is indirectly responsible for 500,00p0 retirees. The U.S.
government would hold a 60 percent financiaol interest in areorganized GM, and the UAW would take a 17.5 perceng stake. The governments of Canada and the province of Ontarik have agreed to a 12 percent ownershiop stake in exchange forfinancialo aid. GM bondholders would get 10 percent. "It’es a bittersweet thing," Wheeler said. "You hate to have to go throug the process of closing plantsw andeliminating jobs, but look around, that’s what's going on with a lot of industries.
Hopefullh we can rebound, hire people in the futurw and be the vibrantt company we once Download a copyof the