General Motors Gets Court Nod to Create $420MM Claims Reserve

FAIRLESS HILLS, Pa. -- Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York allowed Motors Liquidation Co., formerly General Motors Corp., to establish a $420 million reserve for fully liquidated and disputed general unsecured claims or potential claims.

More news on GM's bankruptcy, including Judge Gerber's oral confirmation of the automaker's plan and the asbestos committee's support of the confirmation of the plan, are in GENERAL MOTORS BANKRUPTCY NEWS, Issue No. 62 published by Bankruptcy Creditors' Service, Inc.

The 31-page newsletter contains stories with these headlines:

[01639] COURT TO CONFIRM OLD GM'S AMENDED JOINT CHAPTER 11 PLAN

[01640] ASBESTOS PANEL SUPPORTS CONFIRMATION OF AMENDED PLAN

[01641] CREDITORS PANEL SUPPORTS CONFIRMATION OF AMENDED PLAN

[01642] CREDITORS OVERWHELMINGLY VOTE TO ACCEPT OLD GM'S PLAN

[01643] GM SETTLES ENVIRONMENTAL LIABILITIES FOR $773 MILLION

[01644] OLD GM RESOLVES ENVIRONMENTAL CLAIMS FOR $28 MILLION

[01645] PLAN CONFIRMATION OBJECTION -- M-Heat Entities

[01646] PLAN CONFIRMATION OBJECTION -- NCR Corporation

[01647] PLAN CONFIRMATION OBJECTION -- Centerpoint Associates

[01648] PLAN CONFIRMATION OBJECTION -- Allstate Insurance

[01649] DEBTORS' MOTION TO ESTIMATE UNLIQUIDATED CLAIMS AT $0

[01650] DEBTORS' MOTION TO ESTABLISH $420 MILLION-CLAIMS RESERVE

[01651] DEBTORS' 2ND MOTION TO EXTEND ACTION REMOVAL PERIOD

[01652] DEBTORS' MOTION TO ASSUME AND ASSIGN CONTRACTS TO ERT

[01653] COURT DIRECTS BROWN RUDNICK TO SUBMIT RULE 2019 STATEMENT

[01654] DEBTORS' 132ND TO 145TH OMNIBUS OBJECTIONS TO CLAIMS

[01655] DEBTORS' 146TH TO 156TH OMNIBUS OBJECTIONS TO CLAIMS

[01656] DEBTORS' 163RD TO 164TH OMNIBUS OBJECTIONS TO CLAIMS

[01657] DEBTORS' 168TH OMNIBUS OBJECTION TO CLAIMS

[01658] DEBTORS' 169TH TO 185TH OMNIBUS OBJECTIONS TO CLAIMS

[01659] DEBTORS' 186TH TO 189TH OMNIBUS OBJECTIONS TO CLAIMS

[01660] DEBTORS' 208TH TO 209TH OMNIBUS OBJECTION TO CLAIMS

[01661] CREDITORS' LETTERS REGARDING GM STOCK AND OTHER MATTERS

[01662] GM OFFERS INTEREST-FREE FINANCING TO CUSTOMERS

[01663] GM RELEASES FEB. 2011 SALES REPORT, SALES RISE 49%

[01664] CHEVROLET RELEASES FEB. 2011 SALES REPORT, SALES RISE 69%

[01665] BUICK RELEASES FEB. 2011 SALES REPORT, SALES RISE 90%

[01666] GMC RELEASES FEB. 2011 SALES REPORT, SALES RISE 61%

[01667] CADILLAC RELEASES FEB. 2011 SALES REPORT, SALES RISE 70%

[01668] SHANGHAI GM RELEASES FEB. 2011 SALES REPORT

[01669] COURT ALLOWS CLASS ACTION SUIT TO PROCEED VS. GM CANADA

[01670] GM RELEASES 4Q AND FY FIN'L RESULTS ENDING DEC. 31, 2010

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GENERAL MOTORS BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail.  New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases.  The subscription rate is $45 per issue.  Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax.  Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions.  Subscriptions may be canceled at any time without further obligation.

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