Motors Liquidation unit's noteholders consent to Canadian bankruptcy

By Caroline Salls

Pittsburgh, Oct. 9 - Motors Liquidation Co., formerly General Motors Corp., said wholly owned subsidiary General Motors Nova Scotia Finance Co.'s 8 3/8% and 8 7/8% noteholders received approval of a consent to bankruptcy order for GM Nova Scotia under the Bankruptcy and Insolvency Act (Canada), according to an 8-K filed Friday with the Securities and Exchange Commission.

The consent order was approved by the Nova Scotia Supreme Court.

Motors Liquidation said GM entered into a lock-up agreement with the noteholders before it filed for Chapter 11 bankruptcy.

The notes are guaranteed by Motors Liquidation.

GM, a Detroit-based automaker, filed for bankruptcy on June 1. The new General Motors Corp. emerged from Chapter 11 on July 10.

Motors Liquidation's Chapter 11 case number is 09-50026.

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