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Bankruptcy alters General Motors' liability

Published Thursday, October 01, 2009

Bankruptcy forever changed General Motors Corp. and gave new urgency to its downsizing. It also affected the firm's financial responsibility for cleanup costs at automotive brownfields slated for redevelopment. With the bankruptcy, two companies were created. General Motors Co. is a new company legally independent of the bankrupt firm, while “Old GM” became Motors Liquidation Co. Both are based at the Renaissance Center in Detroit. Motors Liquidation will auction or sell 200 former GM properties, including 15 factories, and will eventually be phased out, says Tim Yost, a spokesman for AlixPartners, based in Southfield, Mich. AlixPartners is providing ...

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