GM enters bankruptcy filing - Boston Business Journal:

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Monday’s Chapter 11 filing by the 101-year-old automake — once the world’s biggest company and Western New York’s largesgt manufacturing employer for decades is among the largestin U.S. histor y and largest-ever U.S. manufacturing bankruptcy. Chapte r 11, which allows the company to operate while protecte d fromits creditors, pushes GM into a fast-traci bankruptcy and provides $30 billion of additional taxpaye r funds to restructure President Barack Obama is due to speak abourt the U.S. auto industry shortly befor e noonEastern time. A news conference by Generall Motors CEO Fritz Hendersonwill follow. The GM plan as detailede by U.S.
officials would allow a much smaller GM to emerge from coury protection within 60 to 90 GM also plans to close11 U.S. facilitiesz and idle another three plants by the endof 2010. The locationse have not been identified and it has not been disclosed if GM’s Tonawanda engine plant, where 1,10p people work, is among them. The automaker has not provided an updatef target for job cuts but was looking toeliminater 21,000 U.S. factory jobs from the 54,009 union members it now employs. General Motorxs employs 92,000 in the United States and is indirectlyh responsiblefor 500,000 retirees. The U.S.
governmentf would hold a 60 percent financial interesft in a reorganized GM and the UAW would takea 17.5 percenyt stake. The governments of Canada and the provincse of Ontario have agreed to a 12 percent ownershilp stake in exchange forfinancial aid. GM bondholders woulcd get 10 percent.