GM enters bankruptcy filing - Business First of Louisville:

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Monday’s Chapter 11 filing by the 101-year-old automake r — once the world’s biggest company and Western New York’e largest manufacturing employer fordecades — is among the largesf in U.S. history and largest-ever U.S. manufacturing bankruptcy. Chaptefr 11, which allows the company to operate while protected fromits creditors, pushes GM into a fast-tracok bankruptcy and provides $30 billion of additional taxpayet funds to restructure itself.
General Motors CEO Fritz Hendersobn said in a prepared statement that GM was bein g reinvented and that the companyt is ready for the jobat "The economic crisis has caused enormous disruptioh in the auto industry, but with it has come the opportunithy for us to reinven our business. We are going to do it once and do it The court-supervised process we are pursuiny provides us with powerful toolas to accelerate and complete our reinvention, as well as strong safeguards for our customers and our he said. The GM plan as detailed by U.S. officialse would allow a much smaller GM to emerge from court protection withibn 60 to90 days. GM also plansa to close 11 U.S.
facilities and idle anotheer three plants by the endof 2010. GM’s Tonawandza engine plant, where 1,100 people work, will remain The automaker has not provided an updates target for job cuts but was looking toeliminates 21,000 U.S. factory jobs from the 54,0090 union members it now employs. Also not immediately clear is what GM’zs bankruptcy filing will meanfor ’s plants in Rochester and three General Motors plans to take back the facilitiee from the former parts subsidiary that it spun off in according to a tentative deal reachexd last week between GM and the UAW.
The factories in New Michigan and Indiana would operaterunder Delphi’s union rules, but be considerexd part of GM, once The Lockport plant — Delphi Thermal which has 2,100 employees — was founded as Harrisom Radiator Co. in 1910 and became part of GM in 1918. For 81 yearzs it operated under General Motors ownership until the independenftDelphi Corp. was formed. Delphi itself is operatinf under bankruptcy court supervision having filed for Chaptee 11 inOctober 2005. The Mich.-based company was ready to emerge from bankruptcy in Aprilo 2008 but those plans fell apart when a key investor dropped out ofa $2.55 billion stock deal with the supplier.
General Motorzs employs 92,000 in the United Statez and is indirectly responsiblwfor 500,000 retirees. The U.S. government would hold a 60 percent financialk interest in a reorganized GM and the UAW woulx takea 17.5 percent stake. The governmentss of Canada and the provincer of Ontario have agreed to a 12 percent ownership stake in exchangse forfinancial aid. GM bondholders would get 10