GM filed for bankruptcy

General Motors filled chapter 11 bankruptcy today, and will close 14 more plants nationwide, but the Fort Wayne plant was spared. It’s the fourth largest bankruptcy in U.S. history and the largest industrial company to go bankrupt. Todays bankruptcy is a part of Obama administrations plan to shrink the automaker, and give the majority of ownership to the federal government. President Obama addressed the nation this morning and said “What we have is an incredible plan with incredible promise, but GM can not put this plan in effect on its own. Executives will require a substantial amount of money that only the government can provide.” The President announced that they will be granting G.M. $30 billion, in additional financial assistance from the treasury department. Today GM Manufacturing executives explained why the Fort Waynes plant was saved from the chopping block. “We have a focus on the Fort Wayne assembly plant for regular cabs and extended cabs. We expect great things out of the Fort Wayne plant, and as we receive more orders we will build more trucks.” The Fort Wayne Assembly plant will reopen July 3rd and workers are anxious to get back to work, but dont describe this as a happy day. Orval Plumlee, the Local 2209 Union Spokesperson says “its hard to feel good about the loss of any job. We are grateful for the fact that our jobs are spared, but we are feeling badly for those who are on the block today.” Many GM workers say they choose to stay positive, and look toward the future of the new GM. GM still plans to cut 21 thousand employees, and reduce the number of dealerships by 2,600. The Indianapolis plant was one of the fourteen that will soon be closed. There are more cuts to come, but this morning the executives had all positive things to say about the Fort Wayne plant and the trucks it produces.