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Bankruptcy Plan Approved for Company of Bad G.M. Assets




Bankruptcy Plan Approved for Company of Bad G.M. Assets


By REUTERS
Published: March 3, 2011


A federal judge said on Thursday that he would approve the bankruptcy plan of the company that took over the bad assets shed by General Motors when it reorganized two years ago.


The approval, from Judge Robert E. Gerber of United States Bankruptcy Court in Manhattan, will allow for the distribution of stock and warrants to unsecured creditors who filed claims against the company being wound down, the Motors Liquidation Company.

Motors Liquidation took over certain claims and assets from General Motors when the carmaker reorganized in bankruptcy court in June 2009.

G.M. filed for bankruptcy in June 2009 and its best assets were sold to a new, stand-alone company the following month. G.M. held an initial public offering in November, selling shares for $33 each. Shares closed on Thursday at $33.03.

“Motors Liquidation was pleased that the court today indicated from the bench that it will be confirming M.L.C.’s plan for reorganization and issuing a written decision as soon as feasible,” said Tim Yost, a spokesman for AlixPartners, the firm running the liquidation of Motors Liquidation
.

Careers In Restructuring and Turnaround