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General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury was represented by the United States Attorneys Office for the Southern District of New York and Cadwalader, Wickersham & Taft LLP. An ad hoc group of the bondholders of General Motors Corporation was also represented in court. [47]
Motors Liquidation Company (MLC), formerly General Motors Corporation, was the company left to settle past liability claims from Chapter 11 reorganization of American car manufacturer General Motors. It exited bankruptcy on March 31, 2011, only to be carved into four trusts; the first to settle the claims of unsecured creditors, the second to ...
GM has warned that it would file for bankruptcy if there isn't a restructuring deal by Friday, as the Korean operation is running out of cash to pay employees and suppliers amid slumping sales.
So, it appears that the Obama administration is not going to force General Motors (GM) into bankruptcy next week after all. We will now find out the results of the automaker's restructuring on June 1.
Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009 [94] followed by General Motors a month later. [95] On June 2, General Motors announced the sale of the Hummer brand of off-road vehicles to Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., a machinery company in western China, a deal which later fell through.
So, it appears that the Obama administration is not going to force General Motors (GM) into bankruptcy next week after all. We will now find out the results of the automaker's restructuring on June 1.
On February 18, 2009, General Motors and Chrysler again approached the U.S. government, in regard to obtaining a second bridging loan of $21.6 billion (£15.2 billion). $16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models.
If General Motors is going bankrupt, why are we still pumping taxpayer money into it? Beats me, but now the word is that GM is well on its way to bankruptcy and the government (that's us ...