Motors Liquidation seeks exclusivity extension to complete wind down

By Caroline Salls

Pittsburgh, Sept. 4 - Motors Liquidation Co., formerly General Motors Corp., is seeking a four-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period to Jan. 27 from Sept. 29 and the solicitation period to March 29, 2010 from Nov. 28.

According to the motion, the extension will allow the company to continue to wind down its estates, analyze potential recoveries through the establishment of a claims bar date and negotiate and propose a plan of reorganization.

Motors Liquidation also cited the size and complexity of its bankruptcy case.

A hearing is scheduled for Sept. 14.

GM, a Detroit-based automaker, filed for bankruptcy on June 1 in the U.S. Bankruptcy Court for the Southern District of New York. The new General Motors Corp. emerged from Chapter 11 on July 10, and Motors Liquidation's Chapter 11 case number is 09-50026.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.