Old GM Hits Snag In Finalizing Disclosure Statement

Law360, New York (November 9, 2010, 7:10 PM EST) -- A lawyer for the bankrupt remains of General Motors Corp. told a judge Tuesday that the company needs more time to finalize a conditionally approved disclosure statement, in part to work out changes sought by asbestos claimants.

Motors Liquidation Co. counsel Stephen Karotkin of Weil Gotshal & Manges LLP told Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York that revisions are still in progress, despite the judge's previous blessing of the filing in October.

The asbestos claimants are...
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