Judge okays plan to sell old Wyoming GM plant | News
DETROIT (AP/WZZM) -- A federal judge says he will approve a plan to liquidate the assets that General Motors Co. shed in bankruptcy, including the sale of the metal stamping plant in Wyoming.
GM was split into two companies -- General Motors Co. and Motors Liquidation Co. -- when it emerged from bankruptcy protection in 2009. The new plan sells off and cleans up remaining assets, including 89 industrial sites in 14 states.
The plan creates four trusts to handle the work. An environmental trust will provide $536 million to clean up old properties. The money will come from the sale of property and equipment.
A separate trust will distribute GM stock to some creditors. More than $275 billion in claims have been filed against GM since its bankruptcy, but most have been resolved. Motors Liquidation owns 10 percent of GM's shares.
One of the old GM assets approved for sale is the metal stamping plant on 36th St. in Wyoming. The city has already worked out a deal with Motors Liquidation to purchase the property and have a Bloomfield Hills company redevelop the site for new industrial use.
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