This information sheet (INFO 46) provides general information for employees of companies in liquidation. They are ordinary unsecured creditors of the company.
GM would continue to supply architecture and powertrain technology for an unspecified amount of time.
Section 363 of the Federal Bankruptcy Code expedited General Motors Project 2000 efforts to reduce its dealer network and circumvent state and federal criminal laws prohibiting the illegal sale of property, or transfer of ownership by an unauthorized party.
Thousands of family-owned, [profitable], well-capitalized dealerships were forced to forfeit their franchise rights to a neighboring dealer-competitor selected by General Motors.
All motions passed in court without substantial objection.
This company had been formed by the United States government with a 60% stake, the federal government of Canada and provincial government of Ontario with a 12% stake, the United Auto Workers and Canadian Auto Workers unions Chinese regulators refused to allow for the purchase of the brand and GM decided on February 24, 2010, to retire the brand.