Former General Motors plan approved by majority of unsecured creditors

By Caroline Salls

Pittsburgh, Feb. 25 - Motors Liquidation Co.'s plan of liquidation was approved by a majority of voting general unsecured creditors, according to a second ballot summary filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, Garden City Group, Inc. vice president Jeffrey S. Stein said in a ballot tabulation filed earlier this week that the Garden City general unsecured claim vote count did not include note claims, eurobond claims and Nova Scotia guarantee claims ballots.

Those votes were part of Thursday's vote count filed by Epiq Bankruptcy Solutions, LLC executive vice president Jane Sullivan.

According to Epiq's combined general unsecured claim vote count, 85,185 holders, or 96.68% in number, of $17.932 billion, or 85.28% in amount, of general unsecured claims voted to accept the plan, while 2,922 holders, or 3.32% in number, of $3.096 billion, or 14.72% in amount, of these claims voted to reject it.

As reported by Garden City, 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 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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