General Motors files for Chapter 11 bankruptcy, Baltimore plant to stay open - St. Louis Business Journal:

ogarawo.wordpress.com
Monday’s filing by the 101-year-old automaker — once the world’s biggest company — is among the larges t in U.S. history and largest-ever U.S. manufacturing bankruptcy. Chapte r 11, which allows the compant to operate while protected fromits creditors, pushes GM into a fast-tracl bankruptcy and provides $30 billion of additionalk taxpayer funds to restructure itself. The compan y in its filing listed $172.81 billion in debt and $82.29o billion in assets. The GM plan as detailed by U.S. officials would allo w a much smaller GM to emerge from court protectioj within 60 to90 days.
Al a managing director at the advisoryu company AlixPartnersLLP in New is named in the filings asthe company’s chief restructuring officer, reporting to GM CEO Fritz GM (NYSE: GM) also plans to close 11 U.S. facilitiexs and idle another three plants by the endof 2010. The company'ws Baltimore transmission plant employs more than 200 people was not listed amongthe GM's Wilmington, Del., assembly however, will close in July. That planft employs 1,060 workers. The automaker has not providecd an updated target for job cuts but was lookinyg toeliminate 21,000 U.S. factory jobs from the 54,000 uniohn members it now employs.
General Motors employs 92,000 in the Unitesd States and is indirectly responsiblefor 500,0090 retirees. The U.S. governmentt would hold a 60 percent financial interest in a reorganized GM and the UAW woul takea 17.5 percent said Monday on GM's bankruptcy. The governmentxs of Canada and the province of Ontario have agreerd to a 12 percent ownership stakr in exchange forfinancial aid. GM bondholders would get 10 Holders ofGM stock, which hit its lowesft price on record Friday at 74 are expected to own none of the Trading was halted on Monday's news. Listed among GM'sw top creditors are (NYSE: T) and CSX).
The list of facilities that GM said will be closecd and their dates include two the Wilmington assembly plant and onein Pontiac, (October 2009); three stamping plants — including the previouslhy announced closing in June of Granxd Rapids, Mich., Indianapolis, Ind. (December 2011), and Ohio (June 2010). Also, six Powertrain plants includinhg Massena, N.Y., which closed on May 1 - Mich. (June 2010), Flinr and Willow Run, Mich. (both December Parma, Ohio (December 2010), and Va., (December 2010). Three locations will be idledf — assembly plants at Orion, Mich. (Septembef 2009) and Spring Hill, (November 2009), and a stamping plantf at Pontiac, Mich., (December 2010).
In service and parts operations and warehousing and parts distributionm centersin Boston, Jacksonville, and Columbus, Ohio, will close by Dec. 31, 2009. For a PDF of the bankruptcyy filingpetition .