GM workers taking in bankruptcy, its effects

Bankruptcy

For General Motors Corp. workers and others across the nation, reaction to the automaker's historic bankruptcy filing Monday and the effect on their plants and lives ranged from resignation to fear.


Markis Coleman, 30, a GM employee at a plant in Orion Township, Mich., north of Detroit, said shortly before the bankruptcy was announced that there is little he can do even as much needs to be done.

"I'm going with the flow," the 10-year company veteran said Monday morning. "It's all in their hands. I'm going to let them do it. But they need to change things, though. They have to change."

The once-mighty corporate giant whose brands were household names and plants the lifeblood of many U.S. communities filed its Chapter 11 petition in New York Monday. It marks the fourth-largest bankruptcy in U.S. history and the largest for an industrial company.

GM also revealed Monday that it will permanently close nine more plants and idle three others.

The closing of a metal stamping plant near Mansfield, Ohio, will force the city to cut jobs because it will lose one of its biggest employers and water customers. The plant's roughly 1,200 workers make parts for many of GM's slow-selling trucks and sport utility vehicles.

"This is so devastating," said Mansfield Mayor Donald Culliver. "We're all going through budgetary problems and this just adds fuel to the fire."

Small businesses that supply the plant also will suffer, he said. "That's what is going to hurt us even more than losing GM," Culliver said.

Rickey Holmes, 28, a Xerox contract worker for GM at its Renaissance Center headquarters in Detroit, agreed that the turbulence spreads well beyond those who collect a check directly from the automaker.

Related listings

  • GM shares fall below $1 as deadline approaches

    GM shares fall below $1 as deadline approaches

    Bankruptcy 05/29/2009

    Shares of General Motors Corp. have fallen below $1 for the first time in 76 years as a Chapter 11 bankruptcy filing for the automaker appears increasingly likely. GM shares lost more than 22 percent to fall as low as 87 cents in morning trading on F...

  • GM Debt-Equity Swap Fails Before Bankruptcy Deadline

    GM Debt-Equity Swap Fails Before Bankruptcy Deadline

    Bankruptcy 05/27/2009

    A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock. GM has until Monday to complete a government-ordered restructuring that inc...

  • Court lets stand $13M judgment against Chrysler

    Court lets stand $13M judgment against Chrysler

    Bankruptcy 05/26/2009

    The Supreme Court has rejected a request from Chrysler to overturn a $13 million punitive damages award to the parents of an 8-month-old boy who died in the crash of a Dodge Caravan. The justices without comment Tuesday left in place a ruling by the ...

Victorville CA DUI defense Attorneys

The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.

The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.

Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .

Business News

St Peters, MO Professional License Attorney Attorney John Lynch has been the go-to choice for many professionals facing administrative sanction. >> read