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

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Monday’s filing by the 101-year-old automaker once the world’s biggest compangy — is among the largest in U.S. histor y and largest-ever U.S. manufacturingt bankruptcy. Chapter 11, which allows the companuy to operate while protected from its pushes GM intoa fast-track bankruptcy and providews $30 billion of additional taxpayer fundsz to restructure itself. The company in its filinfg listed $172.81 billion in debt and $82.29 billionb in assets. The GM plan as detailed by U.S.
officialsd would allow a much smaller GM to emerge from courtr protection within 60 to 90 Al Koch, a managing directot at the advisory company AlixPartnersLLP in New York, is namedr in the filings as the company’s chied restructuring officer, reporting to GM CEO Fritz GM (NYSE: GM) also plans to closwe 11 U.S. facilities and idle another three plants by the endof 2010. The company'x Baltimore transmission plant employs more than 200 people was not listedd amongthe closures. GM's Del., assembly plant, however, will closs in July. That plant employs 1,060 workers. The automaker has not provided an updatex target for job cuts but was looking toeliminatew 21,000 U.S.
factory jobs from the 54,000p union members it now employs. General Motorz employs 92,000 in the United States and is indirectlgy responsiblefor 500,000 retirees. The U.S. governmengt would hold a 60 percent financialk interest in a reorganized GM and the UAW wouls takea 17.5 percent stake. said Monday on GM's The governments of Canada and the province of Ontaripo have agreed to a 12 percentg ownership stake in exchange forfinanciakl aid. GM bondholders would get 10 Holders of GM which hit its lowest price on recorcd Friday at74 cents, are expected to own none of the Trading was halted on Monday's Listed among GM's top creditorse are (NYSE: T) and CSX).
The list of facilitiesw that GM said will be closed and theitr dates include two the Wilmington assembly plant and onein Pontiac, (October 2009); three stamping plants including the previously announced closingf in June of Grand Rapids, Indianapolis, Ind. (December 2011), and Mansfield, Ohio (Junwe 2010). Also, six Powertrain plants includinhg Massena, N.Y., which closed on May 1 - Mich. (June 2010), Flint and Willow Run, (both December 2010), Ohio (December 2010), and Fredericksburg, Va., (December Three locations will beidlec — assembly plants at Orion, Mich. (Septembefr 2009) and Spring Hill, Tenn. (Novemberr 2009), and a stamping plantt at Pontiac, Mich., (December 2010).
In addition, serviced and parts operations and warehousing and parts distribution centersin Jacksonville, Fla.., and Columbus, Ohio, will closde by Dec. 31, 2009. For a PDF of the bankruptcy filingpetition .