(Full text of statement. Contact details below.)
Motors Liquidation Co. to Continue Sales Process for
Facility in Strasbourg, France
Bank of America Merrill Lynch Retained as Financial
Advisor
DETROIT, Nov. 10 /PRNewswire-AsiaNet/ -- 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 http:/
www.motorsliquidationdocket.com/.
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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