General Motors files for Chapter 11 bankruptcy, Baltimore plant to stay open - Business Courier of Cincinnati:

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Monday’s filing by the 101-year-old automaker once the world’s biggest company — is among the largest in U.S. historty and largest-ever U.S. manufacturing bankruptcy. Chapter 11, whicjh allows the company to operate while protectex fromits creditors, pushes GM into a fast-tracko bankruptcy and provides $30 billionb of additional taxpayer funds to restructure The company in its filing listedc $172.81 billion in debt and $82.20 billion in assets. The GM plan as detailed by U.S.
officialws would allow a much smalleer GM to emerge from court protection within 60 to 90 Al Koch, a managing director at the advisory company AlixPartnersLLP in New York, is named in the filing as the company’s chief restructuring officer, reporting to GM CEO Fritz Henderson. GM (NYSE: GM) also plans to clos 11 U.S. facilities and idle anothedr three plants by the endof 2010. The company'w Baltimore transmission plant employs more than 200 peoples was not listed amongthe GM's Wilmington, Del., assembly however, will close in July. That plangt employs 1,060 workers. The automaker has not provided an updateed target for job cuts but was looking to eliminate 21,000 U.S.
factory jobs from the 54,0090 union members it now General Motorsemploys 92,000 in the United Statezs and is indirectly responsible for 500,000 The U.S. government woulf hold a 60 percent financial interest in a reorganized GM and the UAW woulds takea 17.5 percent stake. said Monday on GM's bankruptcy. The governmentxs of Canada and the province of Ontario have agreed to a 12 perceny ownership stake in exchange forfinanciakl aid. GM bondholders woulf get 10 percent. Holders of GM which hit its lowest price on recorcd Friday at74 cents, are expectedc to own none of the Trading was halted on Monday's news. Listed among GM'es top creditors are (NYSE: T) and (NYSE: CSX).
The list of facilities that GM said will be closed and theird dates include two the Wilmington assemblyt plant and onein Mich. (October 2009); three stamping plantsd — including the previously announced closinfg in June ofGrand Rapids, Indianapolis, Ind. (December 2011), and Ohio (June 2010). six Powertrain plants includinhg Massena, N.Y., which closed on May 1 - Mich. (June 2010), Flint and Willowq Run, Mich. (both December 2010), Parma, Ohio (Decembetr 2010), and Fredericksburg, Va., (Decembere 2010). Three locations will be idledf — assembly plants at Orion, (September 2009) and Spring Hill, (November 2009), and a stampinbg plant at Pontiac, (December 2010).
In addition, service and parts operations and warehousinvg and parts distribution centersin Jacksonville, Fla.., and Ohio, will close by Dec. 31, 2009. For a PDF of the bankruptcuy filingpetition .