According to a report from the Detroit News, the remaining assets of Motors Liquidation Corp. (a.k.a. “Old GM”) are to be completely liquidated as soon as one month’s time from now. Creditors holding a remaining estimated $18 billion in claims have approved the plan while others holding roughly $3.1 billion have gone to oppose it. In terms of total voters, 96.7 percent (85,185 people) have nodded the go-ahead.
A U.S. bankruptcy judge is set to approve the plan this coming Thursday, which includes an $800 million environmental cleanup plan, distribution of shares of new GM stock and warrants to acquire shares to the former bondholders of Old GM.
Source: The Detroit News