GM enters bankruptcy filing - Business First of Buffalo:

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Monday’s Chapter 11 filingf by the 101-year-old automaker — once the world’s biggesy company and Western New York’s largest manufacturing employer fordecades — is among the largesgt in U.S. history and largest-ever U.S. manufacturing bankruptcy. Chapter 11, which allows the company to operate while protected fromits creditors, pushe s GM into a fast-track bankruptcy and provides $30 billion of additional taxpayer funds to restructurwe itself.
General Motors CEO Fritz Henderson said in a prepared statemenyt that GM was being reinventes and that the company is ready for the jobat "The economic crisis has caused enormous disruptioj in the auto but with it has come the opportunitt for us to reinvent our business. We are goingy to do it once and do it The court-supervised process we are pursuing providea us with powerful tools to accelerate and complete our reinvention, as well as strongf safeguards for our customerd and our business," he said. The GM plan as detailed by U.S. officialx would allow a much smaller GM to emergd from court protection within 60 to 90 GM also plans to close11 U.S.
facilitiesw and idle another three plants by the endof 2010. GM’zs Tonawanda engine plant, where 1,100 people work, will remain open. The automakert has not provided an updated target for job cuts but was lookinv toeliminate 21,000 U.S. factory jobs from the 54,00o union members it now employs. Also not immediately cleaf is what GM’s bankruptc filing will mean for ’s plants in Rochester and three General Motors plans to take back the facilitieds from the former partds subsidiary that it spun offin 1999, according to a tentative deal reached last week between GM and the UAW.
The factoriex in New York, Michigan and Indiana would operateunder Delphi’sw union rules, but be considered part of GM, once The Lockport plant — Delphi Thermal which has 2,100 employees — was founde as Harrison Radiator Co. in 1910 and becamse part of GMin 1918. For 81 yearsx it operated under General Motors ownership until the independentDelphi Corp. was Delphi itself is operatint under bankruptcy court supervision having filed for Chaptef 11 inOctober 2005. The Troy, Mich.-based company was ready to emerge from bankruptcy in April 2008 but those plans fell apart when a key investor dropped out ofa $2.
55 billion stock deal with the General Motors employs 92,000 in the United States and is indirectly responsible for 500,000 retirees. The U.S. government would hold a 60 percent financial interest in a reorganized GM and the UAW would takea 17.5 percent The governments of Canada and the province of Ontarip have agreed to a 12 percent ownership staked in exchange for financial aid. GM bondholders would get 10 percent.