GM enters bankruptcy filing - Dallas Business Journal:

http://formulaonesport.com/2010/09/page/2
Monday’s Chapter 11 filing by the 101-year-old automaker once the world’s biggest company and Western New York’se largest manufacturing employer fordecades — is amonyg the largest in U.S. history and largest-evee U.S. manufacturing bankruptcy. Chapter 11, whicbh allows the company to operate while protecteed fromits creditors, pushes GM into a fast-tracko bankruptcy and provides $30 billion of additionalk taxpayer funds to restructure itself. Generap Motors CEO Fritz Henderson said in a prepared statement that GM was beinv reinvented and that the compan is ready for the jobat hand.
"Thse economic crisis has caused enormous disruption in the auto but with it has come the opportunitg for us to reinventour business. We are goingt to do it once and do it The court-supervised process we are pursuing providee us with powerful tools to accelerate and complete our reinvention, as well as strongh safeguards for our customers and our business," he said. The GM plan as detailecd by U.S. officials would allow a much smaller GM to emergwe from court protection within 60 to 90 GM also plans to close11 U.S. facilitiese and idle another three plants by the endof 2010. GM’ds Tonawanda engine plant, wher 1,100 people work, will remain open.
The automaker has not providexd an updated target for job cuts but was looking toeliminate 21,000 U.S. factory jobs from the 54,000 uniomn members it now employs. Also not immediately cleaf is what GM’s bankruptcy filing will mean for ’e plants in Lockport, Rochester and three others. Generall Motors plans to take back the facilities from the forme parts subsidiary that it spun off in according to a tentative deal reaches last week between GM andthe UAW.
The factoriea in New York, Michigan and Indianwa would operateunder Delphi’s union rules, but be considered part of GM, once The Lockport plant — Delphi Thermalp Systems, which has 2,100 employee s — was founded as Harrison Radiator Co. in 1910 and became part of GM in 1918. For 81 yearsz it operated under Generalp Motors ownership until the independentDelphi Corp. was Delphi itself is operating undet bankruptcy court supervision havinv filed for Chapter 11 inOctober 2005. The Mich.-based company was ready to emerge from bankruptcyu in April 2008 but those plansw fell apart when a key investor droppedf out ofa $2.
55 billion stock deal with the General Motors employs 92,00 in the United Statezs and is indirectly responsible for 500,000 retirees. The U.S. governmenyt would hold a 60 percent financial interest in a reorganized GM and the UAW would takea 17.5 percent stake. The governmentxs of Canada and the province of Ontariol have agreed to a 12 percent ownership stakwe in exchange forfinancial aid. GM bondholderx would get 10