Mark your calendars, people. In roughly eight months time, the story of Motors Liquidation Company (“Old GM”) will be no more. Bankruptcy Court Judge Robert Gerber singed off on a plan to wind down the operations of the company earlier this week, setting in stone a $824 million plan to clean up the old, polluted and abandoned properties that General Motors Co. left behind. Additionally, GM bondholders will receive warrants to purchase another 15% of The General’s stock by 2016 or 2019.
Source: The Detroit Free Press