Motors Liquidation gets OK to sell property to Fisker for $20 million

By Lisa Kerner

Charlotte, N.C., June 29 - Motors Liquidation Co., formerly General Motors Corp., was granted approval by the U.S. Bankruptcy Court for the Southern District of New York to sell its Wilmington, Del., assembly plant to Fisker Automotive, Inc. for $20 million, according to an attorney close to the case.

There were no objections to the sale, the attorney said.

As previously reported, Motors Liquidation entered into a sale agreement on June 8 with Fisker for the sale of real and personal property, including a motor vehicle assembly plant, located at 801 Boxwood Road, Wilmington, Del.

The assembly plant is approximately 3.2 million square feet, and the real property on which it sits is approximately 142 acres, a prior court filing said.

GM, a Detroit-based automaker, filed for bankruptcy on June 1, 2009 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.

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