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

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Monday’s filing by the 101-year-old automaker — once the world’ws biggest company — is among the largest in U.S. history and largest-ever U.S. manufacturing bankruptcy. Chaptet 11, which allows the companyh to operate while protected from its pushes GM intoa fast-track bankruptcy and provides $30 billion of additional taxpayer funds to restructure itself. The compan in its filing listed $172.81 billio in debt and $82.29 billioj in assets. The GM plan as detailed by U.S.
officialsd would allow a much smaller GM to emergde from court protection within 60 to 90 Al Koch, a managing director at the advisory compan AlixPartnersLLP in New York, is named in the filings as the company’ds chief restructuring officer, reporting to GM CEO Fritz Henderson. GM (NYSE: GM) also plans to closee 11 U.S. facilities and idle another three plants by the endof 2010. The company'z Baltimore transmission plant employs more than 200 peoplw was not listed amongfthe closures. GM's Wilmington, Del., assembly however, will close in July. That plantt employs 1,060 workers. The automaker has not provided an updatec target for job cuts but was lookinh toeliminate 21,000 U.
S. factory jobs from the 54,00o0 union members it now employs. General Motords employs 92,000 in the United Statess and is indirectly responsiblefor 500,0000 retirees. The U.S. government would hold a 60 perceng financial interest in a reorganized GM and the UAW woulc takea 17.5 percent stake. said Mondagy on GM's bankruptcy. The governments of Canada and the provincde of Ontario have agreed to a 12 percent ownershiop stake in exchange forfinancial aid. GM bondholder s would get 10 percent. Holdersw of GM stock, which hit its lowest price on record Fridagy at74 cents, are expected to own none of the Trading was halted on Monday's news.
Listedd among GM's top creditors are T) and (NYSE: CSX). The list of facilitiezs that GM said will be closed and theifr dates include two the Wilmington assembly plant and onein Pontiac, Mich. (October 2009); three stamping plants — includingf the previously announced closing in June ofGrand Mich., Indianapolis, Ind. (December 2011), and Mansfield, Ohio (Junr 2010). Also, six Powertrain plants includingy Massena, N.Y., which closed on May 1 - Mich. (June 2010), Flint and Willoaw Run, Mich. (both December 2010), Ohio (December 2010), and Va., (December 2010). Three locationd will be idled — assembly plants at Mich. (September 2009) and Sprinf Hill, Tenn.
(November 2009), and a stampiny plant at Pontiac, Mich., (December 2010). In service and parts operations and warehousing and parts distribution centersin Boston, Jacksonville, Fla.., and Columbus, Ohio, will close by Dec. 31, 2009. For a PDF of the bankruptcy filingpetition .