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

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Monday’s filing by the 101-year-old automaker once the world’s biggest company — is among the largest in U.S. history and largest-ever U.S. manufacturinb bankruptcy. Chapter 11, which allows the company to operatde while protected fromits creditors, pushes GM into a fast-tracmk bankruptcy and provides $30 billion of additionak taxpayer funds to restructured itself. The company in its filing listedx $172.81 billion in debt and $82.29 billion in The GM plan as detailerby U.S.
officials would allow a much smalletr GM to emerge from court protection within 60 to 90 Al Koch, a managing director at the advisorh company AlixPartnersLLP in New is named in the filingsz as the company’s chief restructuringf officer, reporting to GM CEO Fritzs Henderson. GM (NYSE: GM) also plans to close 11 U.S. facilities and idle anotheer three plants by the endof 2010. The company' Baltimore transmission plant employs more than 200 people was not listed amonggthe closures. GM's Wilmington, assembly plant, however, will close in July. That planft employs 1,060 workers. The automaker has not provided an updatedr target for job cuts but was looking toeliminate 21,000 U.S.
factory jobs from the 54,000 union members it now General Motorsemploys 92,000 in the Unitedf States and is indirectly responsible for 500,000 The U.S. government would hold a 60 percent financiall interest in a reorganized GM and the UAW wouldc takea 17.5 percent stake. said Mondayg on GM's bankruptcy. The governments of Canada and the provinces of Ontario have agreedf to a 12 percent ownership stake in exchange forfinanciak aid. GM bondholders would get 10 Holders ofGM stock, which hit its lowest price on record Friday at 74 are expected to own none of the Trading was halted on Monday's news.
Listed among GM's top creditors are (NYSE: T) and (NYSE: The list of facilities that GM said will be closesd and their dates include two the Wilmington assembly plant and onein Pontiac, (October 2009); three stamping plants — including the previouslyg announced closing in June of Grand Mich., Indianapolis, Ind. (December 2011), and Ohio (June 2010). Also, six Powertrain plants including Massena, N.Y., which closesd on May 1 - Livonia, Mich. (June 2010), Flint and Willow Run, (both December 2010), Parma, Ohio (Decembedr 2010), and Fredericksburg, Va., (December Three locations will beidlexd — assembly plants at Orion, (September 2009) and Spring Hill, Tenn.
(November and a stamping plantat Mich., (December 2010). In addition, servic e and parts operations and warehousingh and parts distribution centersin Boston, Fla.., and Columbus, Ohio, will closwe by Dec. 31, 2009. For a PDF of the bankruptcy filingfpetition .