GM FILES Form 8-K BANKRUPTCY NOTICE WITH SEC ON 05/28/2009
By Daniel at 28 May, 2009, 9:54 pm
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“U.S. Treasury 363 Sale Proposal”
“Pursuant to Section 363(b) of the U.S. Bankruptcy Code, (a) GM and its debtor subsidiaries (collectively, the “Sellers”) would sell to New GM substantially all of the assets of Sellers (other than certain specified assets) and (b) New GM would assume certain specified liabilities of the Sellers.
Following the 363 Sale, the U.S. Treasury contemplates that:
• the approximately $27.2 billion principal amount of Notes would ultimately comprise substantially all of Old GM’s debt and a significant majority of the total unsecured claims against Old GM, although there can be no assurance as to the ultimate amount of unsecured claims against Old GM that might arise in the context of a Chapter 11 case,1 and
• if issued, the New GM common equity and warrants described below would comprise a substantial portion of Old GM’s assets”
http://www.sec.gov/Archives/edgar/data/40730/000119312509119940/d8k.htm
Read the Form 8-K for complete details of the proposed U.S. Treasury 363 Sale.
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