Motors Liquidation GUC Trust details quarterly results, distributions

By Caroline Salls

Pittsburgh, Aug. 2 - Motors Liquidation Co. GUC Trust had $2.146 billion of net assets in liquidation as of June 30, according to a trust report filed Aug. 1 with the Securities and Exchange Commission.

The trust had $2.420 billion of total assets at June 30 and $274.47 million in total debt.

Motors Liquidation GUC Trust had $226,000 in cash and cash equivalents at June 30.

Under Motors Liquidation Co.'s plan of liquidation, the U.S. Bankruptcy Court for the Southern District of New York approved the distribution of 150 million shares of New General Motors common stock, warrants to acquire 136.36 million newly issued common shares with an exercise price of $10.00 per share and warrants to acquire 136.36 million common shares with an exercise price of $18.33 per share.

In addition, the agreement governing the sale of substantially all of GM's assets requires New GM to issue up to 2 million additional shares of common stock for the benefit of GUC Trust beneficiaries if the total allowed general unsecured claims against Motors Liquidation exceed $35 billion.

The trust said no additional shares had been issued as of Aug. 1.

Subsequent to June 30, the trust issued 29.77 million of GUC trust units to holders of allowed general unsecured claims.

The trust said it was also obligated to distribute new GM securities and 64,393 trust units as of the June 30 record date for the second quarterly trust distribution.

As of June 30, there were $29.835 billion in allowed general unsecured claims against Motors Liquidation, as well as $7.043 billion in disputed general unsecured claims and $1.5 billion in term loan avoidance claims.

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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