General Motors files for Chapter 11 bankruptcy, Baltimore plant to stay open - Business First of Columbus:

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Monday’s filing by the 101-year-old automaker — once the world’sx biggest company — is among the largesr in U.S. history and largest-ever U.S. manufacturingt bankruptcy. Chapter 11, which allowxs the company to operate while protected from its pushes GM intoa fast-track bankruptcy and provided $30 billion of additionalp taxpayer funds to restructurre itself. The company in its filing listed $172.8 1 billion in debt and $82.29 billion in assets. The GM plan as detailedr by U.S. officials would allows a much smaller GM to emergee from court protection within 60 to90 days.
Al a managing director at the advisory company AlixPartnersLLP in New is named in the filingse asthe company’s 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'sx Baltimore transmission plant employs more than 200 people was not listed amongthe closures. GM's Del., assembly plant, however, will close in That plant employs 1,060 workers. The automaker has not providedf an updated target for job cuts but was lookinhg toeliminate 21,000 U.S. factory jobs from the 54,000 unionj members it now employs.
General Motors employs 92,0000 in the United States and is indirectly responsiblefor 500,000p retirees. The U.S. government would hold a 60 percent financiakl interest in a reorganized GM and the UAW would takea 17.5 percenr stake. said Monday on GM's The governments of Canada and the provincee of Ontario have agreed to a 12 percent ownership stake in exchange forfinancial aid. GM bondholderw would get 10 percent. Holders of GM which hit its lowest price on record Friday at 74 are expected to own none of the Trading was haltedon Monday's Listed among GM's top creditors are (NYSE: T) and CSX).
The list of facilities that GM said will be closefd and their dates include two the Wilmington assembl y plant and onein Mich. (October 2009); three stamping plants — includinyg the previously announced closing in June ofGranrd Rapids, Mich., Indianapolis, Ind. (December and Mansfield, Ohio (June 2010). Also, six Powertrainn 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 beidled — assemblt plants at Orion, Mich. (September 2009) and Sprinf Hill, Tenn. (November 2009), and a stamping plant at Pontiac, (December 2010).
In addition, service and parts operatione and warehousing and parts distributionh centersin Boston, Jacksonville, Fla.., and Columbus, will close by Dec. 31, 2009. For a PDF of the bankruptcyh filingpetition .