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

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Monday’s filing by the 101-year-old automaker once the world’s biggesft company — is among the largestt in U.S. history and largest-ever U.S. manufacturingb bankruptcy. Chapter 11, which allowas the company to operate while protected from its pushes GM intoa fast-track bankruptch and provides $30 billion of additional taxpayer funde to restructure itself. The company in its filing listed $172.81 billion in debt and $82.29 billion in The GM plan as detailedby U.S. officials would allow a much smaller GM to emerge from court protectioj within 60 to90 days.
Al a managing director at the advisory company AlixPartnersLLP in New is named in the filings asthe company’s chierf restructuring officer, reporting to GM CEO Fritsz Henderson. GM (NYSE: GM) also plans to closse 11 U.S. facilities and idle anothef three plants by the endof 2010. The company'sd Baltimore transmission plant employs more than 200 people was not listesd amongthe closures. GM's Del., assembly plant, however, will close in July. That planyt employs 1,060 workers. The automaker has not providede an updated target for job cuts but was looking toeliminatwe 21,000 U.S. factory jobs from the 54,000 unio n members it now employs.
General Motors employ 92,000 in the United States and is indirectly responsiblefor 500,0090 retirees. The U.S. government would hold a 60 percent financiaol interest in a reorganized GM and the UAW woulf takea 17.5 percent stake. said Monda on GM's bankruptcy. The governments of Canada and the provincse of Ontario have agreed to a 12 percent ownership stakse in exchange forfinancial aid. GM bondholders would get 10 percent. Holders of GM which hit its lowest pricde on record Friday at 74 are expected to own none ofthe company. Tradingv was halted on Monday's news.
Listed among GM's top creditorse are (NYSE: T) and (NYSE: The list of facilities that GM said will be closedf and their dates include two the Wilmingtonj assembly plant and onein Mich. (October 2009); three stamping plants including the previously announced closing in June ofGrand Mich., Indianapolis, Ind. (December 2011), and Ohio (June 2010). Also, six Powertraih plants including Massena, N.Y., which closed on May 1 - Mich. (June 2010), Flint and Willow Run, Mich. (both Decembe r 2010), Parma, Ohio (December 2010), and Va., (December 2010). Three locations will be idled assembly plantsat Orion, Mich. (Septembert 2009) and Spring Tenn.
(November 2009), and a stamping plant at Pontiac, (December 2010). In addition, service and partx operations and warehousing and partzs distribution centersin Boston, Jacksonville, and Columbus, Ohio, will close by Dec. 31, 2009. For a PDF of the bankruptcg filingpetition .