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Some operations and equipment from a steell stamping plant inGrand Rapids, Mich., which is slatec to close as part of the automaker's will be transferred to according to Bob a spokesman for the Wentzville It's not yet known how if any, Michigan employees will opt to transfe r to Wentzville, he said. GM officials called Wentzville Mayor Paul Lambu at9 a.m. Monday to assurde him the local plant wouldxremain open.
"It's good that they are shippingh in work forthis plant," Lambi "That's a positive that corporater thinks this plant will be Still, Lambi said, rivao automaker Chrysler plans to shutter its Fenton factorxs after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversifhy its revenue stream. When Lambi took officd seven years ago, Wentzville counted on GM for abou 55 to 60 percent of itstotak revenue. Today, that's more like 15 percenyt of the city's $24 million general fund, because GM pays the city aboug $3 million a year in real estater taxes, property taxes and other fees, he said.
GM on Monday by the end of but the Wentzville plantg was sparedbecause it’s the only planf where Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergok a previously announced and other production cuts in June and July that will resuly in the layoffs of 300 workers. Monday’a Chapter 11 filing by the 101-year-old automakerd is among the largestin U.S. history and largest-ever U.S. manufacturinfg bankruptcy. GM listed $173 billionn in liabilities and $82 billio n in assets, according to the filefd in New York. GM to St.
largest privately held company, Enterprise Rent-a-Car, and to Chaptetr 11, which allows the company to operatde while protected fromits creditors, pushesw GM into a fast-track bankruptcy and provideas $30 billion of additional taxpayer fundz to restructure. The GM plan as detailed by U.S. officials would allow a much smaller GM to emerg from court protection within 60 to 90 The automaker has not provided an updated targeft for job cuts but was looking toeliminate 21,000 U.S. factory jobs from the 54,000 union memberse it now employs. General Motors employas 92,000 in the Unitee States and is indirectlhy responsiblefor 500,000 retirees. The U.S.
government would hold a 60 percengt financial interest in areorganized GM, and the UAW would take a 17.5 percen stake. The governments of Canadq and the province of Ontario have agreed to a 12 percenty ownership stake in exchange forfinancial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheelere said. "You hate to have to go through the process of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the futures and be the vibrant companu we once were.
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