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

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Monday’s filing by the 101-year-old automaker — once the world’zs biggest company — is amony the largest in U.S. history and largest-ever U.S. manufacturing bankruptcy. Chapter 11, which allows the company to operat while protected fromits creditors, pushes GM into a fast-track bankruptcy and providesw $30 billion of additional taxpayetr funds to restructure itself. The company in its filing listex $172.81 billion in debt and $82.2 billion in assets. The GM plan as detailed by U.S. officialds would allow a much smaller GM to emerge from courf protection within 60 to90 days.
Al a managing director at the advisory company AlixPartnersLLP in New is named in the filings asthe company’s chief restructurinyg officer, reporting to GM CEO Fritz Henderson. GM GM) also plans to close 11 U.S. facilitiees and idle another threde plants by the endof 2010. The company's Baltimored transmission plant employs more than 200 people was not listed amongthe closures. GM's Wilmington, assembly plant, however, will close in That plant employs 1,060 workers. The automaker has not provides an updated target for job cuts but was lookingy toeliminate 21,000 U.S. factory jobs from the 54,0009 union members it now employs.
General Motors employz 92,000 in the United States and is indirectlu responsiblefor 500,000 retirees. The U.S. government would hold a 60 percenrt financial interest in a reorganized GM and the UAW would takea 17.5 percentf stake. said Monday on GM's bankruptcy. The governments of Canadaq and the province of Ontario have agreed to a 12 percent ownershiop stake in exchange forfinancial aid. GM bondholders woulds get 10 percent. Holders of GM which hit its lowest price on record Fridag at74 cents, are expected to own none of the Trading was halted on Monday's news. Listed amonfg GM's top creditors are T) and (NYSE: CSX).
The list of facilitiesa that GM said will be closed and theire dates include two the Wilmingtomn assembly plant and onein Pontiac, Mich. (October three stamping plants — including the previously announced closinbg in June ofGrand Rapids, Mich., Ind. (December 2011), and Mansfield, Ohio (Junr 2010). Also, six Powertrain plants including N.Y., which closed on May 1 - Mich. (June 2010), Flint and Willow Run, Mich. (both December 2010), Parma, Ohio (Decemberd 2010), and Fredericksburg, Va., (December 2010). Threee locations will be idled — assembl y plants at Orion, Mich. (Septembed 2009) and Spring Hill, Tenn. (Novemberd 2009), and a stamping plant at Mich., (December 2010).
In addition, service and partz operations and warehousing and parts distribution centerdin Boston, Jacksonville, Fla.., and Ohio, will close by Dec. 31, 2009. For a PDF of the bankruptct filingpetition .