Former General Motors requests four-month exclusivity extension

By Caroline Salls

Pittsburgh, May 13 - Motors Liquidation Co., formerly General Motors Corp., requested an 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 Sept. 27 from May 27 and the solicitation period to Nov. 29, 2010 from July 27.

According to the motion, ongoing analyses of the company's assets and debt must be completed before a confirmable Chapter 11 plan can be proposed and fully negotiated with constituents.

"While the debtors desire to complete the Chapter 11 plan process as quickly and efficiently as possible, in these circumstances, the requested extension will facilitate, rather than delay, the confirmation of workable plans," Motors Liquidation said in the motion.

The company also cited the size and complexity of its case.

A hearing is scheduled for May 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.

© 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.