Motors Liquidation Co. to Continue Sales Process for Facility in Strasbourg, France
DETROIT, Nov. 9 /PRNewswire/ — 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.