Old GM definition
Examples of Old GM in a sentence
Over the next several years, the bankruptcy court managed the process of satisfying liabilities that remained with Old GM (i.e., not taken on by New GM).
Old GM filed its first Chapter 11 liquidation plan on August 31, 2010, and amended it on December 8, 2010 and again on March 29, 2011.
Old GM employed roughly 240,000 workers and provided pensions to another 500,000 retirees.
Once GUC Trust (and other like trusts) was established, Old GM would dissolve.
Instead, under the plan, Old GM would establish GUC Trust, which would be administered by the Wilmington Trust Company.
The proposed plan provided how claims against Old GM would be paid: secured claims, other priority claims, and environmental claims made by the government would be paid in full; unsecured claims (claims without an assurance of payment, such as in the form of a lien on property) would not.
The initial distribution released more than seventy‐five percent of the New GM securities.On February 8, 2012, the bankruptcy court ordered that no further claims against Old GM and payable by GUC Trust would be allowed unless the claim amended a prior claim, was filed with GUC Trustʹs consent, or was deemed timely filed by the bankruptcy court.
Under these circumstances, Old GM had a duty to identify the cause of the problem and fix it.
New GM argued that, because of the ʺfree and clearʺ provision, claims could only be brought against Old GM, and not New GM.On April 15, 2015, the United States Bankruptcy Court for the Southern District of New York (Gerber, J.) agreed and enforced the Sale Order to enjoin many of these claims against New GM.
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