Former General Motors is granted four-month exclusivity extension

By Lisa Kerner

Charlotte, N.C., May 27 - Motors Liquidation Co., formerly General Motors Corp., was granted an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

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, the filing said.

As previously reported, Motors Liquidation said 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.

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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