Motors Liquidation trustee looks to liquidate GM stock and warrants

By Caroline Salls

Pittsburgh, Nov. 21 - Motors Liquidation Co. GUC Trust trustee Wilmington Trust Co. requested court approval to liquidate shares of common stock and warrants of General Motors Co. to fund trust fees, costs and expenses, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Specifically, the trustee is looking to liquidate $17.9 million of new GM securities, including $11.4 million to supplement the administrative budget for 2013 and $6.5 million to fund the reporting and transfer budget for 2013.

Wilmington Trust said the vast majority of the new GM securities were already reserved for this purpose in 2011.

A hearing is scheduled for Dec. 13.

Motors Liquidation was formerly General Motors, a Detroit-based automaker that filed for bankruptcy on June 1, 2009. 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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