Motors Liquidation dissolved Dec. 15; cash, stock transferred to trust

By Caroline Salls

Pittsburgh, Dec. 21 - Motors Liquidation Co. filed a certificate of dissolution on Dec. 15 with the Secretary of State of the State of Delaware and was dissolved, according to an 8-K filed with the Securities and Exchange Commission by Motors Liquidation Co. GUC Trust.

On the dissolution date, the trust administrator and trustee assumed responsibility for the affairs of and some claims against Motors Liquidation that were not concluded before the company was dissolved.

In accordance with the company's liquidation plan and the GUC trust agreement, the trust will implement the wind-down of Motors Liquidation and its affiliated debtors by paying taxes and filing tax returns, making any other necessary filings related to the wind-down and in general taking any other actions needed to wind down the company.

The trust said it also assumed and will administer the resolution of all disputed administrative expenses, priority tax claims, priority non-tax claims and secured claims that were not resolved or satisfied before the dissolution date.

On the dissolution date, Motors Liquidation transferred $43.38 million in cash to the trust, as well as all remaining undistributed shares of common stock and warrants for the purchase of shares of common stock of General Motors Co. held by Motors Liquidation as of Dec. 15.

According to the 8-K, the transferred common stock and warrants consist of 30.97 million shares of New GM common stock, 28.15 million warrants to acquire shares of New GM common stock with an exercise price set at $10.00 per share and 28.15 million warrants to acquire shares of New GM common stock with an exercise price set at $18.33 per share.

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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