Last Updated: March 03. 2011 3:27PM
Judge will OK old-GM liquidation, approves $773M cleanup plan
David Shepardson / Detroit News Washington Bureau
New York— A federal bankruptcy judge said he will approve a plan late today to liquidate the remnants of 102-year-old General Motors Corp.
"This plan will be confirmed," said Judge Robert E. Gerber. He said he will issue a written opinion in the next few days and may make some small tweaks.
The move clears away for the distribution of stock to some creditors early next month and the cancellation of old GM's 610 million shares of stock.
Earlier in the day, Gerber approved the creation of a $773 million environmental trust to oversee the cleanup and sale of 89 former General Motors properties in 14 states.
The move means old GM — now known as Motors Liquidation Co. — will go out of the business in the coming months.
In addition, the U.S. Attorney's Office said that it is still in talks with old GM over other environmental claims — and that the government may recover some additional funds to pay for other cleanup.
The plan includes $536 million in direct cleanup money, the trust includes $300 million to cover property taxes, demolition costs, plant security and other expenses.
The plan will help clean the polluted vestiges of Buick City, Pontiac Assembly and Willow Run, among other plants. The program includes $161 million for the restoration of 47 sites in 14 Michigan communities. Many are along the I-75 corridor — the backbone of Michigan manufacturing — in communities such as Detroit, Flint, Saginaw and Bay City.
Most of the objections are technical — and consisted of when creditors with disputes will be paid.
The former GM-Toyota Motor Corp. joint venture in Fremont, Calif. — New United Motor Manufacturing Inc. — agreed to withdraw its objection.
The U.S. government, which gave GM a $49.5 billion bailout and still owns 33 percent of new GM, urged Gerber to approve the plan.
The Canadian and Ontario governments gave GM a separate $9.5 billion bailout and they also urged approval of the plan.
New GM was created in July 2009 by the government backed sale of the good assets of the old company to a new enterprise. The Detroit automaker was able to shed tens of billions of debt and recorded $4.7 billion in profits in 2010.
Just two blocks from today's bankruptcy hearing in lower Manhattan, new GM went public in November on the New York Stock Exchange.
GM has repaid about $23 billion of its U.S. bailout.
When the plan is confirmed, the bondholders and other creditors of GM who lost more than $30 billion will get 150 million shares of new GM stock worth about $5 billion.
Initially, about 70 percent of the stock will be distributed to creditors, where the amount of the claim is not in dispute. The first shares of stock should be distributed early next month.
The creditors will also get warrants to acquire shares equal to another 15 percent of GM shares. They could get another 2 percent of the stock if total claims exceed $35 billion — excluding asbestos claims.
The confirmation of the plan will also lead to the cancelling of old GM's 610 million shares of stock that are still traded on the "pink sheets." Today, they are trading at $0.06 a share.
Old GM should cease to exist in few months — but won't be in business beyond Dec. 15.
From The Detroit News:
http://detnews.com/article/20110303/AUT ... z1FZbI1ZHM
http://www.detnews.com/article/20110303 ... eanup-plan
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