Motors Liquidation Co. To Continue Sales Process For Facility In Strasbourg, Fra

< BACK TO FINANCE starstarstarstarstar   Business - Finance Press Release
10th November 2009, 03:50am - Views: 748





Business Finance Motors Liquidation Co. 1 image

Business Finance Motors Liquidation Co. 2 image










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.





To view this and other AsiaNet releases please visit http://www.asianetnews.net






news articles logo NEWS ARTICLES
Contact News Articles |Remove this article