NEW YORK – NEW YORK (AP) - General Motors has filed for bankruptcy protection as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.
The fallen icon of American industrial might filed its Chapter 11 petition in New York on Monday. It marks the fourth-largest bankruptcy in U.S. history and the largest for an industrial company.
LANSING, MI – LANSING, MI (WKAR) - Local officials are keeping an eye on GM's expected bankruptcy filing today.
GM employs about 5,000 people in the Lansing area. Lansing finance director Jerry Ambrose says the automaker pays about $5 million in property taxes. GM employees pay $2.5 million in income tax to the city.
He says the type of bankruptcy that GM files could affect the financial impact on the city.
(East Lansing, MI) – (East Lansing, MI) -WKAR News While the state reels from General Motors' bankruptcy announcement today, many people in mid-Michigan are breathing a sigh of relief. GM will keep open its two local manufacturing plants.
(Lansing, MI) – Lansing, MI (WKAR) - GM announced Monday that it will close or idle six more manufacturing facilities in Michigan. But the Grand River and Delta Township assembly plants will stay open.
GM's decision to put its plant in Spring Hill, Tennessee on standby means production of the Chevy Traverse will shift to the Delta Township plant by the end of the year. Plant manager Randy Thayer says Lansing's current brands will stay intact.
LANSING, Mich. – LANSING, MI. (AP) - As General Motors Corp. on Monday named the operations it would close or put on standby as it headed into bankruptcy, Michigan learned it would be taking the brunt of the bad news.
The list includes a truck assembly plant shuttered in Pontiac and engine and transmission plants shut down in Flint, Livonia and Willow Run. A Grand Rapids stamping plant also will close.
An Orion assembly plant will be placed on standby, as will a stamping plant in Pontiac.
(Lansing, MI) – Lansing, MI (MPRN) - Governor Granholm says the General Motors bankruptcy is a tragic day for Michigan and auto workers. But she says it's also the beginning of a new future for the state's economy.
The governor says Michigan will lose five GM plants and 86 hundred automotive jobs. Two other plants will be placed on standby.
Lansing, MI – Lansing, MI (MPRN) - Legislative leaders say the General Motors bankruptcy complicates state government budget troubles, and will put more stress on unemployment and welfare funds. But they say there are also a few opportunities in the crisis.
Democratic and Republican leaders at the state Capitol say one of their goals is to get downsizing car companies and automotive suppliers to consolidate their operations in Michigan.