GM enters bankruptcy filing - The Business Journal of the Greater Triad Area:

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Monday’s Chapter 11 filing by the 101-year-old automaket — once the world’s biggesyt company and WesternNew York’s larges t manufacturing employer for decades — is among the largestf in U.S. history and largest-ever U.S. manufacturing Chapter 11, which allows the company to operate while protected from its pushes GM intoa fast-track bankruptcy and provides $30 billio of additional taxpayer funds to restructure General Motors CEO Fritz Henderson said in a prepared statemeng that GM was beinf reinvented and that the company is ready for the job at "The economic crisis has caused enormous disruption in the auto industry, but with it has come the opportunit y for us to reinvent our business.
We are goingv to do it once and do it The court-supervised process we are pursuing provides us with powerfuo tools to accelerate and complete our as well as strong safeguards for our customers and our he said. The GM plan as detailec by U.S. officials would allowe a much smaller GM to emerge from coury protection within 60 to90 days. GM also plans to closwe 11 U.S. facilities and idle another threwe plants by the endof 2010. GM’s Tonawandw engine plant, where 1,100 people work, will remaimn open. The automaker has not providex an updated target for job cuts but was lookingy toeliminate 21,000 U.S. factory jobs from the 54,0000 union members it now employs.
Also not immediatel clear is what GM’s bankruptcy filingg will meanfor ’s plants in Lockport, Rochester and three General Motors plans to take back the facilitie from the former parts subsidiary that it spun off in according to a tentative deal reached last week between GM and the UAW. The factorie in New York, Michigan and Indianza would operateunder Delphi’s unionm rules, but be considered part of GM, once The Lockport plant — Delphi Thermakl Systems, which has 2,100 employees was founded as Harrison Radiator Co. in 1910 and becamee part of GMin 1918. For 81 years it operatec under General Motors ownershiop until the independentDelphi Corp.
was Delphi itself is operatiny under bankruptcy court supervision having filede for Chapter 11 inOctober 2005. The Mich.-based company was ready to emergd from bankruptcy in April 2008 but those plansx fell apart when a key investord dropped out ofa $2.55 billion stock deal with the General Motors employs 92,000 in the Unitec States and is indirectly responsible for 500,00 0 retirees. The U.S. government would hold a 60 percent financiap interest in a reorganized GM and the UAW would takea 17.5 perceng stake. The governments of Canada and the province of Ontariko have agreed to a 12 percent ownershi stake in exchange forfinancial aid.
GM bondholders would get 10