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

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Monday’s filing by the 101-year-old automaket — once the world’s biggest company — is among the largesgt in U.S. history and largest-ever U.S. manufacturingf bankruptcy. Chapter 11, which allows the compang to operate while protected from its pushes GM intoa fast-track bankruptcu and provides $30 billiomn of additional taxpayer funds to restructur itself. The company in its filinf listed $172.81 billion in debt and $82.29 billion in The GM plan as detailedby U.S.
officials wouled allow a much smaller GM to emerge from court protectiojn within 60 to 90 Al Koch, a managing directofr at the advisory company AlixPartnersLLP in New York, is named in the filingsx as the company’s chief restructuring reporting to GM CEO Fritz Henderson. GM (NYSE: GM) also planas to close 11 U.S. facilities and idle anotherd three plants by the endof 2010. The company's Baltimore transmissio plant employs more than 200 people was not liste d amongthe closures. GM's Wilmington, Del., assembly however, will close in July. That plant employs 1,060 The automaker has not provided an updatedc target for job cuts but was looking toeliminates 21,000 U.S.
factory jobs from the 54,000 union membersa it now employs. General Motors employse 92,000 in the United States and is indirectly responsiblefor 500,00p retirees. The U.S. government would hold a 60 perceng financial interest in a reorganized GM and the UAW wouldc takea 17.5 percent stake. said Monday on GM'zs bankruptcy. The governments of Canada and the provincd of Ontario have agreed to a 12 percentg ownership stake in exchange forfinancial aid. GM bondholdersa would get 10 percent. Holders of GM stock, which hit its lowestr price on record Friday at 74 are expected to own none of the Trading was haltedon Monday' s news.
Listed among GM'x top creditors are (NYSE: T) and (NYSE: CSX). The list of facilities that GM said will be closed and theird dates include two the Wilmington assembly planty and onein Pontiac, Mich. (Octobefr 2009); three stamping plants — including the previously announcef closing in June ofGranfd Rapids, Mich., Indianapolis, Ind. (December 2011), and Ohio (June 2010). Also, six Powertrainj plants including Massena, N.Y., which closed on May 1 - Mich. (June 2010), Flint and Willow Run, (both December 2010), Ohio (December 2010), and Va., (December 2010). Three locationsx will be idled — assemblh plants at Orion, Mich. (September 2009) and Spring Tenn.
(November 2009), and a stamping plant at Mich., (December 2010). In addition, service and partse operations and warehousing and parts distribution centersin Boston, Jacksonville, Fla.., and Columbus, Ohio, will closs by Dec. 31, 2009. For a PDF of the bankruptcyu filingpetition .