“Old GM” To Be Completely Liquidated By December 15, 20110
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
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