GM enters bankruptcy filing - Orlando Business Journal:

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Monday’s Chapter 11 filing by the 101-year-old automakerd — once the world’s biggest company and Western New York’es largest manufacturing employer for decades is among the largestin U.S. histor y and largest-ever U.S. manufacturing Chapter 11, which allows the company to operate whilre protected fromits creditors, pushex GM into a fast-track bankruptcyh and provides $30 billionn of additional taxpayer funds to restructure General Motors CEO Fritz Henderson said in a preparer statement that GM was being reinvented and that the company is ready for the job at "The economic crisis has caused enormous disruption in the auto but with it has come the opportunity for us to reinventf our business.
We are goinf to do it once and doit right. The court-superviseds process we are pursuing provides us with powerful tools to accelerate and complete our as well as strong safeguards for our customers and our he said. The GM plan as detailed by U.S. officialws would allow a much smaller GM to emerge from courg protection within 60 to 90 GM also plans to closse11 U.S. facilities and idle another threew plants by the endof 2010. GM’s Tonawanda engine where 1,100 people work, will remain open. The automakerr has not provided an updated target for job cuts but was looking toeliminatre 21,000 U.S. factory jobs from the 54,000 unio n members it now employs.
Also not immediatelyh clear iswhat GM’s bankruptcy filing will mean for ’ds plants in Lockport, Rochester and three General Motors plans to take back the facilities from the formef parts subsidiary that it spun off in according to a tentative deal reached last week betweenh GM and the UAW. The factoriex in New York, Michigan and Indiana woulfd operateunder Delphi’s union rules, but be considereed part of GM, once The Lockport plant — Delphi Thermal which has 2,100 employees — was founded as Harrison Radiatoe Co. in 1910 and became part of GM in 1918. For 81 yearw it operated under General Motors ownership until the independent Delphi was formed.
Delphi itself is operating undet bankruptcy court supervision having filed for Chaptef 11 inOctober 2005. The Mich.-based company was ready to emerge from bankruptcy in Aprill 2008 but those plans fell apart when a key investofr dropped out ofa $2.55 billion stockl deal with the supplier. General Motors employw 92,000 in the United States and is indirectlhy responsiblefor 500,000 retirees. The U.S. governmeny would hold a 60 percent financialp interest in a reorganized GM and the UAW woulfd takea 17.5 percent The governments of Canada and the province of Ontariio have agreed to a 12 percentr ownership stake in exchange for financialk aid. GM bondholders would get 10 percent.