Former General Motors' unsecured creditors split liquidation plan vote

By Caroline Salls

Pittsburgh, Feb. 24 - Motors Liquidation Co.'s claims agent released some results of the creditor voting on the company's plan of liquidation, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, 947 holders, or 93.95% in number, of $1.672 billion, or 49.32% in amount, of general unsecured claims voted to accept the plan, while 61 holders, or 6.05% in number, of $1.718 billion, or 50.68% in amount, of these claims voted to reject it.

In addition, 17,027 holders, or 97.78% in number, of $17,027, or 97.78% in amount, of asbestos personal injury claims voted to accept the plan, while 386 holders, or 2.22% in number, of $386, or 2.22% in amount, of these claims voted to reject it.

The Garden City Group, Inc. vice president Jeffrey S. Stein said in the filing that the general unsecured claim tabulation did not include note claims, eurobond claims and Nova Scotia guarantee claims ballots.

Stein said these votes will be released in a separate tally.

The plan confirmation hearing is scheduled for March 3.

Motors Liquidation was formerly General Motors, a Detroit-based automaker, filed for bankruptcy on June 1, 2009. 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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