MEDIA RELEASE PR37009
Motors Liquidation Co. to Continue Sales Process for Facility in Strasbourg, France
DETROIT, Nov. 10 /PRNewswire-AsiaNet/ --
Bank of America Merrill Lynch Retained as Financial Advisor
Motors Liquidation Co. (MLC), formerly known as General Motors Corp.,
announced today it intends to continue with the sale process of its
powertrain manufacturing and engineering facility in Strasbourg, France,
which operates as a subsidiary of MLC. It was also announced that Bank of
America Merrill Lynch has been retained as financial advisor for the sale.
The potential sale of the Strasbourg facility was originally announced by
General Motors Corp. in September 2008, with the stated intention of
generating liquidity for the company and allowing the Strasbourg facility to
pursue additional growth opportunities under new ownership.
MLC, which said its efforts to sell the facility are pursuant to its
ongoing Chapter 11 bankruptcy in the U.S., also said it intends to focus on
potential buyers that would continue the manufacturing, engineering and
die-casting operations with the facility's existing customer base, suppliers
and workforce. Established in 1967, the Strasbourg facility develops and
manufactures advanced-technology automatic transmissions for passenger
vehicles made by General Motors Co. ("New GM") and BMW AG. The facility also
operates a state-of-the-art engineering center and a world-class aluminium
die-cast foundry.
About Motors Liquidation Co.
On June 1, 2009, Motors Liquidation Company (formerly General Motors
Corporation) and certain subsidiaries filed voluntary petitions for relief
under Chapter 11 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York. An order was entered
approving the sale of substantially all of Motors Liquidation Company's
assets to a new and independent company under Section 363 of the Bankruptcy
Code on June 5, 2009. The sale closed on July 10, 2009.
For court documents, a list of scheduled hearings, and other information
related to Motors Liquidation Company's bankruptcy proceedings, please visit
SOURCE Motors Liquidation Co.
CONTACT: Tim Yost, +1-248-204-8689, +1-248-227-1694 (mobile), or Steve
Blow, Eisbrenner Public Relations, +1-248-641-1446, +1-248-303-1067 (mobile),
both for Motors Liquidation Co.
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