Old GM Creditors Voice Approval Of Ch. 11 Plan

Law360, New York (February 25, 2011, 8:21 PM EST) -- Motors Liquidation Co., the bankrupt remnants of General Motors Corp., has received the support of 97 percent of unsecured creditors for its Chapter 11 liquidation plan, according to voting results filed Thursday, clearing the plan to go before a judge for confirmation.

By dollar amount, only 85 percent of the $17.9 billion in general unsecured claims voted in favor, due to rejections by several creditors holding large claims, according to documents filed by Epic Bankruptcy Solutions LLC in the U.S. Bankruptcy Court for the Southern District...
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