Motors Liquidation trust orders initial distribution of GM securities

By Caroline Salls

Pittsburgh, April 28 - The Motors Liquidation Co. GUC Trust has directed Motors Liquidation Co. to make an initial distribution of more than 75% of new General Motors securities to holders of allowed general unsecured claims, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The trust said there were $29.776 billion of allowed general unsecured claims against Motors Liquidation on the March 31 plan of liquidation effective date, as well as $8.15 billion of disputed unsecured claims.

The holders of disputed unsecured claims will not be entitled to a distribution of new GM securities until their claims are allowed.

Motors Liquidation was formerly General Motors, a Detroit-based automaker that 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. Motors Liquidation's Chapter 11 case number is 09-50026.

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