In re Motors Liquidation Co. (f/k/a General Motors Corp.)
Monthly Operating Report (July 10 - Aug. 31, 2009)
SUMMARY: On Sunday, Motors Liquidation Company (formerly known as General Motors Corporation) filed a monthly operating report with the bankruptcy court in New York. The report covers the period from July 10, 2009 through August 31, 2009 and provides financial details on the wind-down of GM's bankruptcy estates. Among the most interesting details contained in the report:
- The estates (which generated income of less than $4 million during the period from rental payments) lost $62.8 million. The largest expenses were SG&A ($41.8 million), reorganization items ($16.3 million) and interest ($8.6 million).
- The estates ended August with slightly more than $1.5 billion in assets, the majority of which ($1.14 billion) is in cash and cash equivalents. However, the estates have current liabilities of $1.3 billion, including $1.175 billion owing under their debtor-in-possession financing facility (a wind-down facility provided by the U.S. Treasury and Export Development of Canada). The estates' total liabilities are listed as being in excess of $35 billion.
- According to the notes to the financial statements, Motors Liquidation expects that it will have enough cash to pay administrative claims in full but will not have sufficient cash to pay off the wind-down DIP facility claims. As a result, creditors other than the DIP lenders are unlikely to receive any recovery on account of their claims other than equity in the new GM.
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DOCUMENT INFO
Doc Type:
Pleadings
Filed: 11/1/2009
See Related Docs
Legal Document Name:
In re Motors Liquidation Co. (f/k/a General Motors Corp.)
Monthly Operating Report (July 10 - Aug. 31, 2009)
Case Number: 09-50026
Jurisdiction: Federal, 2nd Circuit, New York
Legal System: United States
Bankruptcy
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