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

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Some operations and equipment from a steeol stamping plant inGrand Mich., which is slated to closre as part of the automaker'ws restructuring, will be transferred to Wentzville, according to Bob Wheeler, a spokesmam for the Wentzville plant. It'ss not yet known how many, if any, Michigajn employees will opt to transferto Wentzville, he GM officials called Wentzville Mayor Paul Lambi at 9 a.m. Monday to assurde him the local plant wouldremaib open. "It's good that they are shippinvg in work forthis plant," Lamb i said. "That's a positive that corporate thinkes this plant willbe around.
" Lambi said, rival automaker Chrysler plans to shuttert its Fenton factors after investing $130 millionm in them, so it was importangt for Wentzville to not rely on GM so much and diversifyt its revenue stream. When Lambi took office seve n years ago, Wentzville counte on GM for abour 55 to 60 percent of itstotal revenue. Today, that's more like 15 percentg of the city's $24 million generalp fund, because GM pays the city about $3 milliom a year in real estate property taxes andother fees, he said.
GM on Mondah by the end of 2010, but the Wentzville plant was sparerdbecause it’s the only plant wheree Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergo a previouslyh announced and other production cuts in June and July that will resulty in the layoffs of 300 workers. Monday’sx Chapter 11 filing by the 101-year-old automakerd is among the largestin U.S. history and largest-ever U.S. manufacturing GM listed $173 billiojn in liabilities and $82 billion in assets, according to the filerd in New York. GM to St.
largest privately held company, Enterprise Rent-a-Car, and to Chaptee 11, which allows the companu to operate while protected fromits creditors, pushews GM into a fast-track bankruptcy and provides $30 billiobn of additional taxpayer fundws to restructure. The GM plan as detailed by U.S. officialws would allow a much smaller GM to emerge from courr protection within 60 to90 days. The automakeer has not provided an updated target for job cuts but was looking toeliminate 21,000 U.S. factory jobs from the 54,00p0 union members it now General Motorsemploys 92,000 in the Unitefd States and is indirectly responsible for 500,000 The U.S.
government would hold a 60 percent financial interesy in areorganized GM, and the UAW wouldr take a 17.5 percent stake. The governments of Canada and the provincw of Ontario have agreed to a 12 percent ownershiop stake in exchange forfinanciak aid. GM bondholders would get 10 percent. "It’ a bittersweet thing," Wheeler said. "Youy hate to have to go through the process of closinyg plants andeliminating jobs, but look around, that’sd what's going on with a lot of Hopefully we can rebound, hire peopled in the future and be the vibrant company we once were.
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