General Motors Corp. to be Approved for Liquidation

The remnants of the old General Motors Corp. will be approved for liquidation this week by a federal bankruptcy judge. These include bad assets that are left over from the 2009 liquidation filed by the company. This amounts to billions of dollars in liabilities from environmental and asbestos claims, in addition to unpaid loans and bills.

In exchange for liquidation approval bondholders and creditors will receive a ten percent stake in the new GM structure. This was created from the "good" assets that the company was able to retain as a government-sponsored company.

GM was able to emerge from bankruptcy protection just forty days after if filed in July 2009.

Are you considering bankruptcy? If so, don't hesitate to contact our law office to speak with a San Antonio bankruptcy attorney who can start working on your case. The bankruptcy process can be complicated and lengthy if you don't have the right lawyer at your side.