Old GM Reaches Settlement With Asbestos Claimants

Law360, New York (January 11, 2011, 2:02 PM EST) -- The bankrupt remains of General Motors Corp. on Tuesday announced a tentative settlement with a group of asbestos claimants, potentially removing a major obstacle to the entity's emergence from Chapter 11.

A lawyer for what is now called Motors Liquidation Co., Joseph H. Smolinsky of Weil Gotshal & Manges LLP, told a judge in the U.S. Bankruptcy Court for the Southern District of New York that the entity had struck a deal with an asbestos committee.

Although the amount of the settlement was not disclosed, Smolinsky...
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