General Motors files for Chapter 11 bankruptcy, Baltimore plant to stay open - Puget Sound Business Journal (Seattle):

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Monday’s filing by the 101-year-old automaker once the world’s biggest companyh — is among the largesf in U.S. history and largest-ever U.S. manufacturinvg bankruptcy. Chapter 11, which allows the compan to operate while protected fromits creditors, pushees GM into a fast-track bankruptcgy and provides $30 billion of additional taxpayer funds to restructuree itself. The company in its filing listed $172.81 billion in debt and $82.29 billiob in assets. The GM plan as detailed by U.S. officials would allow a much smaller GM to emerges from court protection within 60 to90 days.
Al a managing director at the advisory companyy AlixPartnersLLP inNew York, is name in the filings as the company’e chief restructuring officer, reporting to GM CEO Fritz Henderson. GM GM) also plans to close 11 U.S. facilitied and idle another three plants by the endof 2010. The company'a Baltimore transmission plant employs more than 200 people was not listed amongthe closures. GM's Del., assembly plant, however, will close in July. That plany employs 1,060 workers. The automaker has not provided an updatef target for job cuts but was looking toeliminate 21,00p0 U.S. factory jobs from the 54,00o union members it now employs.
General Motors employas 92,000 in the United States and is indirectly responsibldefor 500,000 retirees. The U.S. government woulds hold a 60 percent financial interesy in a reorganized GM and the UAW would takea 17.5 percentg stake. said Monday on GM's bankruptcy. The governments of Canada and the province of Ontario have agreed to a 12 percentr ownership stake in exchange forfinancial aid. GM bondholdera would get 10 percent. Holderz of GM stock, which hit its lowest pricew on record Friday at74 cents, are expecter to own none of the company. Trading was halted on Monday'd news. Listed among GM's top creditors are (NYSE: T) and (NYSE: CSX).
The list of facilities that GM said will be closefd and their dates include two the Wilmington assembly plan t and onein Pontiac, Mich. (October 2009); three stampingb plants — including the previously announcecd closing in June ofGranf Rapids, Mich., Indianapolis, Ind. (Decemberr 2011), and Mansfield, Ohio (June 2010). Also, six Powertraib plants including Massena, N.Y., which closed on May 1 - Mich. (June 2010), Flint and Willow Run, (both December 2010), Parma, Ohio (December and Fredericksburg, Va., (December Three locations will beidler — assembly plants at Orion, Mich. (September and Spring Hill, Tenn. (November and a stamping plantat Pontiac, Mich.
, (December In addition, service and parts operations and warehousing and partx distribution centers in Boston, Fla.., and Columbus, Ohio, will close by Dec. 31, 2009. For a PDF of the bankruptchy filingpetition .