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

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Monday’s filing by the 101-year-oldc automaker — once the world’s biggesg company — is among the largest in U.S. history and largest-evefr U.S. manufacturing bankruptcy. Chaptee 11, which allows the company to operatw while protected fromits creditors, pushes GM into a fast-track bankruptcg and provides $30 billiom of additional taxpayer funds to restructure itself. The companyt in its filing listed $172.81 billiohn in debt and $82.29 billion in assets. The GM plan as detailed by U.S.
officiale would allow a much smaller GM to emergs from court protection within 60 to 90 Al Koch, a managing director at the advisort company AlixPartnersLLP in New York, is named in the filings as the company’ss chief restructuring officer, reporting to GM CEO Fritz GM (NYSE: GM) also plans to close 11 U.S. facilitiesw and idle another three plants by the endof 2010. The company' Baltimore transmission plant employs more than 200 people was not listed amongthe closures. GM's Del., assembly plant, however, will close in That plant employs 1,060 workers. The automaker has not provide an updated target for job cuts but was looking toeliminatew 21,000 U.S.
factory jobs from the 54,000 unionm members it now employs. General Motors employz 92,000 in the United States and is indirectly responsiblfor 500,000 retirees. The U.S. government would hold a 60 percenyt financial interest in a reorganized GM and the UAW woul d takea 17.5 percent stake. said Monday on GM's The governments of Canada and the province of Ontarik have agreed to a 12 percent ownership stake in exchange forfinanciapl aid. GM bondholders would get 10 percent. Holders of GM which hit its lowest price on record Friday at 74 are expected to own none ofthe company. Tradinhg was halted on Monday's news. Listed amonvg GM's top creditors are T) and (NYSE: CSX).
The list of facilities that GM said will be closede and their dates includr two the Wilmington assembly plant and onein Pontiac, (October 2009); three stamping plants — including the previouslt announced closing in June of Grand Rapids, Indianapolis, Ind. (December 2011), and Ohio (June 2010). Also, six Powertrain plants includingt Massena, N.Y., which closed on May 1 - Livonia, (June 2010), Flint and Willows Run, Mich. (both December 2010), Ohio (December 2010), and Fredericksburg, Va., (December 2010). Threr locations will be idled — assembly plantsx at Orion, Mich. (September 2009) and Springf Hill, Tenn. (November 2009), and a stampinv plant at Pontiac, Mich.
, (December 2010). In service and parts operations and warehousing and parts distributiob centersin Boston, Jacksonville, and Columbus, Ohio, will closde by Dec. 31, 2009. For a PDF of the bankruptct filingpetition .