GM Bankruptcy: Death and Injury Victims Could be Left without Recourse
General Motors has sought protection from creditors under Chapter 11 bankruptcy. Under the current proposal, the automaker would continue to build vehicles, honor warranties, and provide service to vehicles and customers. What would be wiped away is liability for any defective product produced before the bankruptcy. Pending defect claims would be terminated and future claims could not be filed.
The U.S. government would own 60 percent of the new GM; the Canadian government would have a 12.5 percent; the United Auto Workers would own 17.5 percent, with 10 percent left for the unsecured bondholders.
GM Death & Injury Early Warning Reporting Claims by Quarter (Quality Control Systems, Corp)
GM Death & Injury Early Warning Reporting Claims by State, 2003 Qtr 3 – 2008 Qtr 4, Click to enlarge
(Quality Control Systems, Corp)
GM Death & Injury Early Warning Reporting Claims Summary Counts, 2003 Qtr 3 – 2008 Qtr 4, Click to enlarge
(Quality Control Systems, Corp)
GM’s Open Letter from Chief Executive Fritz Henderson, 6/1/09
“The court-supervised process we are pursuing to launch the New GM provides us with powerful tools to accelerate and complete our reinvention, as well as strong safeguards for our customers and our business.”
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GM Court Documents and Claims Register
Motion of Debtors For Entry of Order Authorizing Debtors to (A) Continue Their Liability, Product, Property, and Other Insurance Programs and (B) Pay All Obligations In Respect Thereof, and (Ii) Authorizing and Directing Financial Institutions to Honor and Process Checks and Transfers Related to Such Obligations 06/01/09
Joinder and Limited Objection of the States of Connecticut, Kentucky, Maryland, Minnesota, Missouri, Nebraska, North Dakota and Vermont 06/19/09
The States of Illinois, California and Kansas join the Joinder and Limited Objection of the States of Connecticut, et al. 06/19/09
Omnibus Reply of The Debtors to Objections to Debtors’ Motion Pursuant to 11 U.S.C. §§ 105, 363(B), (F), (K), and (M), and 365 and Fed. R. Bankr. P. 2002, 6004, And 6006, To Approve (A) the Sale Pursuant to the Master Sale And Purchase Agreement With Vehicle Acquisition Holdings LLC, A U.S. Treasury-Sponsored Purchaser, Free and Clear af Liens, Claims, Encumbrances, and Other Interests; (B) the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases; and (C) Other Relief 06/26/09
The United States of America’s Statement In Support of Debtors’ Motion to Approve (A) the Sale Pursuant to the Master Sale and Purchase Agreement With Vehicle Acquisition Holdings LLC, A U.S. Treasury-Sponsored Purchaser, Free and Clear of Liens, Claims, Encumbrances, and Other Interests; (B) the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases; and (C) Other Relief 06/26/09
Amended and Restated Master Sale and Purchase Agreement by and Among General Motors Corporation, Saturn LLC, Saturn Distribution Corporation and Chevrolet-Saturn of Harlem,Inc., as Sellers and NGMCA, Inc., as Purchaser 06/26/09
Order (I) Authorizing Sale of Assets Pursuant to Amended and Restated Master Sale and Purchase Agreement With Ngmco, Inc., A U.S. Treasury-Sponsored Purchaser; (Ii) Authorizing Assumption and Assignment of Certain Executory Contracts and Unexpired Leases In Connection With the Sale; and (Iii) Granting Related Relief 07/05/09
Decision on Debtors’ Motion For Approval of (1) Sale of Assets to Vehicle Acquisition Holdings Llc; (2) Assumption and Assignment Of Related Executory Contracts; and (3) Entry Into Uaw Retiree Settlement Agreement 07/05/09
Order Pursuant to Bankruptcy Code Sections 105(A), 361, 362, 363, 364 And 507 and Bankruptcy Rules 2002, 4001 And 6004 (A) Approving Amendment to Dip Credit Facility to Provide For Debtors’ Post-Petition Wind-Down Financing 07/05/09
