Property Tax Collectors Object To GM Financing

Law360, New York (June 15, 2009, 12:00 AM EDT) -- The city of Detroit has objected to General Motor Corp.’s interim approval to access $33.3 billion in debtor-in-possession and post-petition financing, asking the court overseeing the auto giant’s Chapter 11 proceedings to provide protection for the city to recoup GM’s unpaid property taxes.

In an objection filed Monday in the U.S. Bankruptcy Court for the Southern District of New York, the city of Detroit, as well as the treasurers for Wayne and Oakland County, Mich., objected to the debtors’ motion for final approval of the financing...
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