Motors Liquidation Company
Motors Liquidation Company logo
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Formerly called
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General Motors Corporation |
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| public corporation | |
| Industry | Automotive |
| Fate | bankruptcy liquidation |
| Successor | RACER Trust & 3 other trusts |
| Founded | 1908 as General Motors Company 1916 as General Motors Corporation 2009 changed name to Motors Liquidation Company |
| Defunct | March 31, 2011 |
| Headquarters | Flint, Michigan, United States |
Motors Liquidation Company (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 (OTC Pink: ), the second to handle environmental response for MLC's remaining assets, a third to handle present and future asbestos-related claims, and a fourth for litigation claims.
Motors Liquidation Company's stock symbol was changed from GMGMQ to MTLQQ, effective July 15, 2009. MTLQQ stock was cancelled. Its unsecured creditors were issued stock for the Motors Liquidation Company General Unsecured Creditors Trust under the symbol MTLQU.
On the morning of 1 June 2009, Chevrolet-Saturn of Harlem, a dealership in Manhattan that was owned by GM itself, filed for bankruptcy protection there, followed in the same court by General Motors Corporation (the main GM in Detroit), GM's subsidiary Saturn LLC, and Saturn LLC's subsidiary Saturn Distribution Corporation. All cases were assigned to Judge Robert Gerber.
The filing by the dealership declared General Motors to be a debtor in possession. The Manhattan dealership's filing allowed General Motors to file its own bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York, its preferred court. Normally for such cases, the company would have filed in the courts located in the state(s) where the company is incorporated, or where it conducts operations, which for Detroit-headquartered General Motors would have been the courts in Michigan or Delaware, where it is incorporated. General Motors' attorneys, however, preferred to file in the federal courts in New York, because those courts have a reputation for expertise in bankruptcy. In a press conference that began four hours and eighteen minutes after the filing, the GM Chief Executive Officer, Fritz Henderson, stressed that he intended for the bankruptcy process to move quickly. In addition to Henderson's press conference, President of the United States Barack Obama made a speech from the White House four hours three minutes after the court filing.
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Wikipedia