GM enters bankruptcy filing - Business First of Columbus:

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Monday’s Chapter 11 filing by the 101-year-old automaker — once the world’s biggesft company and WesternNew York’es largest manufacturing employer for decades — is amonbg the largest in U.S. history and largest-ever U.S. manufacturiny bankruptcy. Chapter 11, which allows the company to operatde while protected fromits creditors, pushes GM into a fast-traci bankruptcy and provides $30 billion of additional taxpayee funds to restructure itself.
General Motors CEO Fritz Henderson said in a prepares statement that GM was being reinvented and that the companyu is ready for the jobat "The economic crisis has caused enormous disruption in the auto but with it has come the opportunity for us to reinvent our We are going to do it once and do it right. The court-supervisede process we are pursuing provides us with powerful toolsd to accelerate and complete our as well as strong safeguards for our customers and our he said. The GM plan as detailerd by U.S. officials would allow a much smaller GM to emerge from court protectiobn within 60 to90 days. GM also plans to close 11 U.S.
facilitiexs and idle another three plants by the endof 2010. GM’es Tonawanda engine plant, whers 1,100 people work, will remain The automaker has not provided an updateed target for job cuts but was looking toeliminatr 21,000 U.S. factory jobs from the 54,000 union members it now employs. Also not immediatelty clear iswhat GM’s bankruptcy filing will mean for ’sw plants in Lockport, Rochester and three General Motors plans to take back the facilities from the formed parts subsidiary that it spun off in according to a tentative deal reached last week between GM and the UAW.
The factories in New York, Michigan and Indianz would operateunder Delphi’sw union rules, but be considered part of GM, once The Lockport plant — Delphi Thermal which has 2,100 employees — was founded as Harrisohn Radiator Co. in 1910 and became part of GM in 1918. For 81 year s it operated under General Motors ownershil until the independentDelphi Corp. was formed. Delphki itself is operating under bankruptcy court supervision having filed for Chapter 11 inOctobee 2005. The Troy, Mich.-based companyg was ready to emerge from bankruptcy in April 2008 but those plans fell apart when a key investodr dropped out ofa $2.
55 billion stock deal with the General Motors employs 92,000 in the United Statesw and is indirectly responsible for 500,000 retirees. The U.S. governmenrt would hold a 60 percent financial interest in a reorganizec GM and the UAW would takea 17.5 percen stake. The governments of Canada and the provinces of Ontario have agreed to a 12 percenft ownership stake in exchange forfinanciakl aid. GM bondholders would get 10 percent.