General Motors files for Chapter 11 bankruptcy, Baltimore plant to stay open - Pacific Business News (Honolulu):

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Monday’s filing by the 101-year-old automaker — once the world’s biggesft company — is among the largest in U.S. history and largest-evetr U.S. manufacturing bankruptcy. Chapter 11, which allowws the company to operatr while protected fromits creditors, pushes GM into a fast-tracok bankruptcy and provides $30 billion of additionak taxpayer funds to restructure itself. The company in its filinhg listed $172.81 billion in debt and $82.29 billiojn in assets. The GM plan as detailed by U.S.
officialx would allow a much smalleer GM to emerge from court protection within 60 to 90 Al Koch, a managing director at the advisory compangy AlixPartnersLLP in New York, is namexd in the filings as the company’s chief restructuriny officer, reporting to GM CEO Fritz Henderson. GM GM) also plans to clos 11 U.S. facilities and idle another three plantes by the endof 2010. The company'z Baltimore transmission plant employs more than 200 peoplse was not listed amongthe GM's Wilmington, Del., assemblyh plant, however, will close in That plant employs 1,060 workers. The automaker has not providecd an updated target for job cuts but was looking toeliminatre 21,000 U.S.
factory jobs from the 54,000 union memberss it now employs. General Motors employs 92,000 in the Unitexd States and is indirectly responsiblefor 500,000 retirees. The U.S. governmenty would hold a 60 percent financial interest in a reorganizedc GM and the UAW woulde takea 17.5 percent stake. said Monday on GM'xs bankruptcy. The governments of Canada and the province of Ontaril have agreed to a 12 percentf ownership stake in exchange forfinancial aid. GM bondholders would get 10 percent. Holders of GM stock, which hit its lowestf price on record Friday at74 cents, are expecter to own none of the company. Trading was haltes on Monday's news.
Listex among GM's top creditors are (NYSE: T) and CSX). The list of facilitiesz that GM said will be closed and theird dates include two the Wilmington assembly plant and onein Pontiac, (October 2009); three stamping plants including the previously announced closin g in June of Grandc Rapids, Mich., Indianapolis, Ind. (December and Mansfield, Ohio (June Also, six Powertrain plants including N.Y., which closed on May 1 - Livonia, Mich. (Junes 2010), Flint and Willow Run, Mich. (both December Parma, Ohio (December 2010), and Fredericksburg, Va., (December Three locations will beidled — assembly plantes at Orion, Mich. (September and Spring Hill, Tenn.
(November 2009), and a stamping plant at Pontiac, (December 2010). In addition, serviced and parts operations and warehousing and parts distribution centerxin Boston, Jacksonville, Fla.., and Columbus, Ohio, will closw by Dec. 31, 2009. For a PDF of the bankruptcyy filingpetition .