* Old GM exits bankruptcy, split into 4 trusts
* Exit comes about a month after judge approves plan
DETROIT, March 31 The company known as "Old GM"
exited Chapter 11 bankruptcy on Thursday and was carved into
four trusts, marking the close of one of the most complex
Chapter 11 cases in U.S. history.
GM filed for bankruptcy in June 2009 and its best assets
were sold to a new, stand-alone company the following month in
a deal that was funded with $50 billion from the U.S.
The rest of its assets were put into another entity called
Motors Liquidation Company (MLC) MTLQQ.PK. Earlier this
month, a federal judge said he would approve a bankruptcy plan
for the company.
The plan creates four trusts, one of which will be
responsible for resolving claims of the debtors' unsecured
creditors and allows for the distribution of General Motors
(GM.N) stock and warrants to creditors.
MLC owns 10 percent of GM's common stock in addition to
A second trust will handle environmental response for Old
GM's remaining properties. A third trust will handle present
and future asbestos-related claims. The last trust will deal
with litigation claims.
(Reporting by Deepa Seetharaman; Editing by Richard Chang)