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Motors Liquidation gets nod to reallocate cash, extend trust one year
By Caroline Salls
Pittsburgh, Dec. 8 – The Motors Liquidation GUC Trust’s administrator received bankruptcy court approval to reallocate and use distributable cash held by the trust to fund anticipated administrative and reporting fees, costs and expenses of the trust and extend the duration of the trust for one year through March 31, 2017, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
According to the motion filed by trust administrator Wilmington Trust Co. with the U.S. Bankruptcy Court for the Southern District of New York, the order allows the administrator to reallocate $12.05 million in distributable cash.
The distributable cash consists of $7.52 million to fund the calendar year 2016 budget for administrative costs and $4.53 million to fund the calendar year 2016 budget for reporting costs.
The administrator said it was asking for the trust term extension to provide enough time to resolve a term loan avoidance action and allow the trust to wind up its affairs.
Wilmington Trust said the trust’s claims resolution is nearly complete.
On Motors Liquidation’s plan effective date, the trust was tasked with resolving $8,153,000,000 in disputed general unsecured claims, exclusive of potential term loan avoidance action claims. As of Sept. 30, the trust said it had resolved disputed general unsecured claims representing $8,083,000,000, or 99.14% of the dollar amount of initial disputed general unsecured claims.
Of the disputed general unsecured claims that were resolved, the administrator said roughly $6 billion were disallowed or expunged, while $2,081,000,000 were allowed.
Motors Liquidation, formerly General Motors, is 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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