San Jose CH 11 Bankruptcy Attorney Talks About GM Bankruptcy
San Jose CH 11 Bankruptcy Attorney Talks About GM Chapter 11 Bankruptcy
GM has shown indicated that it plans to exit out of Chapter 11 Bankruptcy before the end of July. For those keeping track, GM went into CH 11 bankruptcy in June. That means in less than 2 months, GM was able to restructure its debt and emerge a leaner company. There was no financial magic that allowed for such a quick recovery, just a simple divide of the GM pie. The US government now owns about 60% of the new GM, 11% owned by Canada, 17% owned by a union controlled health care trust, and 10% by GM bondholders. GM shareholders receive nothing.
GM's unsecured debt of $54 million is shrunk down to a fraction of that amount. Other unwanted contracts and liabilities (which were not sold to foreign investors) will be held by the old company under a new name, Motors Liquidation Co. The company will dispose of the assets over the next few years.
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