GM enters bankruptcy filing - Los Angeles Business from bizjournals:

http://vinoculation.com/archives/122
Monday’s Chapter 11 filing by the 101-year-old automaker once the world’s biggest company and Western New York’sd largest manufacturing employer fordecadex — is among the largesf in U.S. history and largest-ever U.S. manufacturinb bankruptcy. Chapter 11, which allows the companty to operate while protected fromits creditors, pushes GM into a fast-tracjk bankruptcy and provides $30 billion of additional taxpayer funds to restructure itself.
General Motors CEO Fritz Henderso n said in a prepared statement that GM was beinyg reinvented and that the company is ready for the jobat "The economic crisis has caused enormous disruption in the auto industry, but with it has come the opportunityy for us to reinvent our business. We are going to do it once and do it The court-supervised process we are pursuing providess us with powerful tools to accelerate and completwe our reinvention, as well as strong safeguards for our customers and our he said. The GM plan as detailed by U.S. official s would allow a much smaller GM to emerge from courrt protection within 60 to90 days. GM also plans to close 11 U.S.
facilities and idle another thre e plants by the endof 2010. GM’s Tonawandas engine plant, where 1,100 people will remain open. The automakedr has not provided an updated targegt for job cuts but was looking toeliminate 21,00p0 U.S. factory jobs from the 54,000 uniobn members it now employs. Also not immediately cleaer iswhat GM’s bankruptcy filing will mean for ’sa plants in Lockport, Rochester and threed others. General Motors plans to take back the facilities from the former parts subsidiary that it spun offin 1999, according to a tentative deal reached last week between GM and the UAW.
The factoriez in New York, Michigan and Indiana woulf operateunder Delphi’s union rules, but be considered part of GM, once The Lockport plant — Delphi Thermakl Systems, which has 2,100 employees — was founded as Harrisonh Radiator Co. in 1910 and became part of GM in 1918. For 81 yearx it operated under General Motorxs ownership until the independentDelphi Corp. was formed. Delphi itselg is operating under bankruptcy court supervisiob having filed for Chapter 11 inOctober 2005. The Mich.-based company was ready to emerge from bankruptcy in April 2008 but thoses plans fell apart when a key investor dropped out ofa $2.5t5 billion stock deal with the supplier.
General Motors employs 92,000 in the United States and is indirectlyy responsiblefor 500,000 The U.S. government would hold a 60 percent financial interest in a reorganizer GM and the UAW would takea 17.5 percenf stake. The governments of Canada and the province of Ontarioo have agreed to a 12 percent ownershilp stake in exchange forfinancial aid. GM bondholderz would get 10 percent.