Motors Liquidation filed a plan with a U.S. court to come out of bankruptcy

Article by Christian Andrei, on September 4, 2010

Motors Liquidation Co., the old shell of General Motors Co., has a pending plan with a US court to emerge from bankruptcy. As a result of this plan’s confirmation, basically all of its assets and liabilities will be moved to four trusts.

This new plan seeks to allocate the 'New GM' stock and warrants to unsecured creditors. Motors Liquidation is actually the shell of General Motors that kept all of GM's old unwanted assets and liabilities after the "new GM" – which was renamed General Motors Co. – emerged from bankruptcy protection after having completed a sale of its finest assets such as Chevrolet and Cadillac to a new company that the US Treasury had funded.

Currently, Motors Liquidation presently owns 10% of General Motors common stock plus warrants exercisable for a further 15% of General Motors common stock on a fully diluted basis.

Motors Liquidation said that it expects that the plan will be confirmed by the court in the first quarter of 2011.

The company asserts that most of the unsecured claims will be resolved within two years of the plan being confirmed. [via autonews - sub. required]

Topics: bankruptcy

If you liked the article, share on:


Login or Create new account to add a comment!


More than three decades ago, the DeLorean DMC-12 was produced by the DeLorean Motor Company. However, production was stopped due to issues within the company. The car itself was decent...
by - October 27, 2016
Tesla is making sure that all models under production will receive the necessary advanced hardware that will allow them to be autonomously driven. The fitment of these advanced hardware to...
by - October 27, 2016
Wondering how fast the 2017 Chevrolet Camaro ZL1 in actual driving? To provide customers a good idea on how fast the 2017 Camaro ZL1 could really get, Chevrolet recently had...
by - October 27, 2016
So, it is official! The new Honda Clarity FCV has the longest verified range of any zero-emissions vehicle currently on the road in the United States. One of the main...
by - October 27, 2016
Many have been anticipating Mercedes-Benz Vans’ newest luxury pickup truck, the X-Class. While Mercedes-Benz has yet to reveal the official production version of the X-Class, it was kind enough to...
by - October 27, 2016