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 automakedr — once the world’s biggest companyt — is among the largest in U.S. historyg and largest-ever U.S. manufacturing bankruptcy. Chaptet 11, which allows the companyt to operate while protectedc fromits creditors, pushes GM into a fast-trac k bankruptcy and provides $30 billionh of additional taxpayer funds to restructure The company in its filing listed $172.8q1 billion in debt and $82.29 billion in The GM plan as detailed by U.S.
officialsz would allow a much smalle r GM to emerge from court protectiohn within 60 to 90 Al Koch, a managiny director at the advisory companyu AlixPartnersLLP in New York, is named in the filings as the company’s chief restructuring officer, reportintg to GM CEO Fritz Henderson. GM (NYSE: GM) also planz to close 11 U.S. facilities and idle another three plants by the endof 2010. The company'e Baltimore transmission plant employs more than 200 peopled was not listed amongthe closures. GM's Wilmington, assembly plant, however, will closre in July. That plant employs 1,060 The automaker has not provided an updated target for job cuts but was lookin toeliminate 21,000 U.S.
factory jobs from the 54,0000 union members it now employs. General Motors employas 92,000 in the United States and is indirectly responsiblrfor 500,000 retirees. The U.S. governmentf would hold a 60 percent financial interest in a reorganizef GM and the UAW would takea 17.5 percent said Monday on GM's The governments of Canada and the province of Ontario have agreed to a 12 percenrt ownership stake in exchange for financiall aid. GM bondholders would get 10 Holders ofGM stock, which hit its lowesrt price on record Friday at 74 cents, are expected to own none of the Trading was halted on Monday's news. Listed amonvg GM's top creditors are T) and (NYSE: CSX).
The list of facilities that GM said will be closex and their dates include two the Wilmingtoh assembly plant and onein Pontiac, Mich. (Octobert 2009); three stamping plantes — including the previously announced closing in June ofGrans Rapids, Mich., Indianapolis, Ind. (Decembe r 2011), and Mansfield, Ohio (June 2010). six Powertrain plants includinvg Massena, N.Y., which closed on May 1 - Mich. (June 2010), Flint and Willow Run, Mich. (bot h December 2010), Parma, Ohio (December and Fredericksburg, Va., (December 2010). Three locations will be idledc — assembly plants at Orion, Mich. (September and Spring Hill, Tenn. (November 2009), and a stamping plang at Pontiac, Mich.
, (December 2010). In service and parts operations and warehousing and parts distribution centersin Boston, Jacksonville, Fla.., and Ohio, will close by Dec. 31, 2009. For a PDF of the bankruptc y filingpetition .