Old GM Nears Its End
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DETROIT (WWJ) – A federal judge is expected to finalize a plan, Thursday, that will lead to the end of what is being called the “old” General Motors – the parts of the company left behind in bankruptcy.
The approval will settle the claims of creditors and bond holders who lost more than $30 billion. They’ll get about $5 billion worth of new GM stock. It also clears the way for environmental clean-ups. The old GM – officially called liquidation motors – is also in the final stages of selling off some of factories that had to be closed.
WWJ AutoBeat Reporter Jeff Gilbert says the “Old GM” will be completely out of business by the end of the year.