GM enters bankruptcy filing - Pittsburgh Business Times:

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Monday’s Chapter 11 filing by the 101-year-olfd automaker — once the world’s biggesgt company and WesternNew York’ss largest manufacturing employer for decades — is amongt the largest in U.S. history and largest-evet U.S. manufacturing bankruptcy. Chapter 11, which allows the compan y to operate while protectex fromits creditors, pushes GM into a fast-tracm bankruptcy and provides $30 billioj of additional taxpayer funds to restructure itself. General Motors CEO Fritz Henderson said in a prepared statement that GM was beingt reinvented and that the company is readg for the jobat hand.
"The economic crisis has caused enormous disruption in theauto industry, but with it has come the opportunityh for us to reinvent our business. We are goiny to do it once and do it The court-supervised process we are pursuintg provides us with powerful tools to accelerate and complets our reinvention, as well as strong safeguards for our customerds and our business," he said. The GM plan as detailee by U.S. officials would alloq a much smaller GM to emerge from court protection within 60 to90 days. GM also plans to close 11 U.S. facilitie s and idle another three plantxs by the endof 2010. GM’s Tonawandsa engine plant, where 1,100 people work, will remai n open.
The automaker has not provided an updated target for job cuts but was lookingt toeliminate 21,000 U.S. factoryy jobs from the 54,000 union members it now employs. Also not immediatelt clear is what GM’s bankruptcy filing will mean for ’sa plants in Lockport, Rochester and three others. General Motors plans to take back the facilities from the formetr parts subsidiary that it spun offin 1999, accordingh to a tentative deal reached last week between GM and the UAW.
The factoried in New York, Michigan and Indiana would operateunder Delphi’s union rules, but be considered part of GM, once The Lockport plant — Delphi Thermal Systems, which has 2,100p employees — was founded as Harrison Radiatort Co. in 1910 and became part of GM in 1918. For 81 yearas it operated under General Motors ownership untill the independentDelphi Corp. was formed. Delphi itself is operating under bankruptcy courtf supervision having filed for Chapter 11 inOctober 2005. The Troy, Mich.-based company was ready to emerges from bankruptcy in April 2008 but thosre plans fell apart when a key investoe dropped out ofa $2.
55 billiohn stock deal with the General Motors employs 92,000 in the United States and is indirectl y responsible for 500,000 retirees. The U.S. government would hold a 60 percenrt financial interest in a reorganized GM and the UAW woulxd takea 17.5 percent stake. The governments of Canadwa and the province of Ontario have agreed to a 12 percen ownership stake in exchange forfinancial aid. GM bondholders would get 10