Expected bankruptcy declaration worries local GM workers
SPRING HILL, Tenn. - General Motors will file for Chapter 11 bankruptcy protection Monday morning, leaving thousands in Spring Hill worried about the future of the automaker's assembly plant there.
Chapter 11 is frequently referred to as "reorganization bankruptcy", meaning the company expects to emerge from its debt.
In GM's case, that requires an additional $30 billion in bailout funds from the United States government.
As part of restructuring and cutting costs, its possible GM's Spring Hill plant, the largest employer in town, could close its doors.
Plant employee Bobby Estrada moved to Spring Hill in the early 90s when the plant he was working for in Missouri shut down.
He, along with thousands of others in Spring Hill, can't help but worry about the future of the Maury County plant.
"It's pretty hard you know, me and my wife are thinking about what we're going to do you know hoping for the best that it stays open," he told News 2. "I'd have to start looking for another job. Don't know what I'd be looking for, but I'd be looking for something."
Longtime GM employee Michael Moppin said he's heard rumors the Spring Hill plant will close but said it doesn't make "sense to close this place" and points to the growth in Spring Hill since the GM plant relocated there.
"There's everything down here now just about," he told News 2. "It's very vital to the economy down here."
As workers left the United Auto Workers building after meeting on Sunday, they said goodbye and hoped for good news on Monday.
"We're just hoping and praying that we stay open," Estrada added.
President Obama is expected to announce additional aid for General Motors Monday morning.
By the time GM emerges from its debt, the U.S. government will have a 60% stake in the company.