Former General Motors requests four-month extension to garner support

By Lisa Kerner

Charlotte, N.C., Sept. 10 - Motors Liquidation Co., formerly General Motors Corp., requested an extension to its exclusive period in which it may solicit votes on its plan of reorganization, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its solicitation period to March 29, 2011 from Nov. 29, 2010.

"Because of the vast number of parties in interest in these cases and the substantial number of creditors involved in the plan solicitation process, it is not practical to complete that process prior to the current expiration of the solicitation period," the filing said.

A hearing is scheduled for Sept. 27.

According to the motion, a hearing to consider approval of the company's disclosure statement is scheduled for Oct. 21.

The debtors have requested that a hearing to consider confirmation of its plan, filed on Aug. 31, be scheduled approximately 60 days thereafter, the filing said.

In May the court extended the company's exclusive filing period to Sept. 27 from May 27 and the solicitation period to Nov. 29, 2010 from July 27.

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, 2009, and Motors Liquidation's Chapter 11 case number is 09-50026.

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