Liquidating cars

On June 5, 2009, GM announced that the Saturn brand would be sold to the Penske Automotive Group.GM would continue building the Aura, Outlook and Vue for Penske for two years.Normally for such cases, the company would have filed in the courts located in the state(s) where the company is incorporated, or where it conducts operations, which for Detroit-headquartered General Motors would have been the courts in Michigan or Delaware, where it is incorporated.General Motors' attorneys, however, preferred to file in the federal courts in New York, because those courts have a reputation for expertise in bankruptcy. state law governed the minimum required distance between same-franchise dealers; known as the eight-mile rule.The sale of Saab to Spyker was approved on January 26, 2010, Pontiac remained with GM into the new GM, but it was phased out on October 31, 2010.MLC exited bankruptcy on 31 March 2011 only to be carved into four trusts; the first to settle the claims of unsecured creditors (OTC Pink: MTLQU), RACER Trust, the second to handle environmental response for MLC's remaining assets; a third to handle present and future asbestos-related claims, and a fourth for litigation claims.

HR 2743 remained in committee and it was not reintroduced in the next sessions.

However, the Penske deal failed and now the Saturn division is defunct.

On June 16, 2009, it was announced that Koenigsegg and a group of Norwegian investors planned to acquire the Saab brand from General Motors.

Section 363 of the Federal Bankruptcy Code expedited General Motors Project 2000 efforts to reduce its dealer network and circumvent state and federal criminal laws prohibiting the illegal sale of property, or transfer of ownership by an unauthorized party.

Thousands of family-owned, [profitable], well-capitalized dealerships were forced to forfeit their franchise rights to a neighboring dealer-competitor selected by General Motors.

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General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges.

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