GM Clawback Suit Nears End With Lenders To Pay $231M
Law360 (May 13, 2019, 10:48 PM EDT) -- A trust established to protect prebankruptcy General Motors creditors asked a New York federal court Monday to greenlight a $231 million settlement aimed at resolving a nearly decade-old case over a $1.5 billion term loan that GM made prior to its 2009 bankruptcy sale.
Motors Liquidation Company Avoidance Action Trust urged U.S. District Judge Martin Glenn to approve the deal, which the trust said had been hammered out during “intensive mediation” earlier this year with representatives of hundreds of financial institutions, including JPMorgan.
“As a result of the parties' discrete agreements reached in mediation, the [trust's] maximum potential recovery before the...
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