EX-99 2 mm08-1209_8ke991.htm

EXHIBIT 99.1

 

Harvey R. Miller

Stephen Karotkin

Joseph H. Smolinsky

WEIL, GOTSHAL & MANGES LLP

767 Fifth Avenue

New York, New York 10153

Telephone: (212) 310-8000

Facsimile: (212) 310-8007

Attorneys for Debtors

and Debtors in Possession

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

 

 

x

 

In re

:

Chapter 11 Case No.

 

:

 

MOTORS LIQUIDATION COMPANY, et al., 

:

09-50026 (REG) 

 

:

 
 

f/k/a General Motors Corp., et al.

:

 
   

:

 
   

Debtors.

:

(Jointly Administered)

   

:

 
  

x

 

 

NOTICE OF INTERIM REPORT

PLEASE TAKE NOTICE that, at the request of the Office of the United States Trustee for the Southern District of New York, Motors Liquidation Company (f/k/a General Motors Corporation) and its affiliated debtors (the “Debtors”) hereby file an interim report disclosing certain financial information:

 

 

Exhibit A:

A narrative description of the primary categories of assets and liabilities of the Debtors as of July 10, 2009, immediately following the sale of substantially all of the Debtors’ assets to NGMCO, Inc. (now known as General Motors Company) pursuant to section 363 of title 11 of the United States Code

 

 

 


 

Exhibit B:

A statement of the Debtors’ receipts and disbursements for the period of June 1, 2009 through July 10, 2009

 

 

Exhibit C:

A list of the Debtors’ wholly or partially owned subsidiaries as of July 10, 2009

 

 

Exhibit D:

A list of the Debtors’ owned real property as of August 4, 2009

 

 

Exhibit E:

A schedule of retainers paid to professionals for the period of June 1, 2009 through July 10, 2009

 

Dated:

New York, New York

 

August 11, 2009

 

 

/s/ Joseph H. Smolinsky

 

Harvey R. Miller

 

Stephen Karotkin

 

Joseph H. Smolinsky

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Telephone: (212) 310-8000

Facsimile: (212) 310-8007

Attorneys for Debtors

and Debtors in Possession

 

 

 

 

 

2

 

 


EXHIBIT A

 

Narrative description of the primary categories

of assets and liabilities of the Debtors

 

 

 


Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

The following interim report1 presents an overview of the primary categories of assets and liabilities of Motors Liquidation Company (formerly known as General Motors Corporation) and its related debtor affiliates (collectively, “MLC”) as of July 10, 2009 immediately following the closing of the sale of substantially all of MLC’s assets to General Motors Company pursuant to section 363 of the U.S. Bankruptcy Code (the “363 Sale”).

The Sale

Pursuant to the 363 Sale, MLC sold all of its assets, other than those assets explicitly excluded in the Master Purchase and Sale Agreement, to NGMCO, Inc. (now known as General Motors Company). In exchange for those assets MLC received, in part:

 

1.

A credit bid in an amount equal to the sum of MLC’s obligations under (a) its existing credit agreement with the U.S. Treasury and the related notes issued to the U.S. Treasury and (b) its debtor-in-possession financing facility less $8,247,488,605 of indebtedness under such facility,

 

2.

50 million shares of General Motors Company’s common stock,

 

3.

Warrants to acquire a total of 90,909,090 newly issued shares of General Motors Company common stock at various strike prices, and

 

4.

The assumption by General Motors Company or its designated subsidiaries of certain specified liabilities of MLC and certain of its subsidiaries.

A further description of certain of these assets is below.

The liabilities of MLC consist of liabilities that have not been paid through first day orders and other liabilities that were not assumed by General Motors Company in the 363 Sale. The liabilities primarily include unsecured bond debt, certain union related debt obligations, executory contract rejection claims, asbestos, environmental, product liability, and other litigation claims, as well as pre-petition accounts payable that have not been paid through first day orders or through cure payments related to assumed executory contracts. The liabilities listed herein describe both general unsecured claims and administrative claims against MLC. The information presented herein is preliminary, based on the best currently available information, and is subject to qualification or change.

_________________________

This interim report is limited in scope, covers a limited period of time and has been prepared solely for the purpose of complying with applicable bankruptcy law requirements and requests of the Office of the United States Trustee for the Southern District of New York. The financial information contained in the Report is not prepared in accordance with U.S. generally accepted accounting principles, was not audited or reviewed by independent accountants, and is subject to future adjustment and reconciliation.

 

 

 

Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

 

Motors Liquidation Company’s Debtor Affiliates

Motors Liquidation Company’s debtor affiliates are Chevrolet-Saturn of Harlem, Inc., Saturn, LLC, and Saturn Distribution Corporation. Prior to the 363 Sale, Chevrolet-Saturn of Harlem, Inc. was an automobile dealership, Saturn, LLC, engaged in the manufacture of automobiles, and Saturn Distribution Corporation was engaged in the distribution of vehicles under the Saturn brand. Each of these entities sold substantially all of its assets in the 363 Sale. Following the 363 Sale these entities have no operations and no material assets. Each debtor affiliate’s bankruptcy case is procedurally consolidated and jointly administered with Motors Liquidation Company’s case (Case No. 09-50026).

Assets

 

1.

Cash and Equivalents

 

a.

The cash balance for MLC is $1.170 billion as of July 10, 2009. It represents proceeds of loans made by the U.S. Treasury and Export Development Canada (collectively, the “Lenders”) under the Secured Superpriority Debtor-In-Possession Credit Agreement dated as of June 3, 2009, as amended and restated in its entirety by the Amended and Restated Secured Superpriority Debtor-in-Possession Credit Agreement dated as of July 10, 2009 (the “Wind-Down Facility”). The Wind-Down Facility, which is secured by substantially all of the assets of MLC other than, among other assets, its equity interests in General Motors Company (the “Collateral”), is a non-recourse loan (with recourse limited to the Collateral) in an amount equal to $1.175 billion, the proceeds of which are to be used to finance the working capital needs and other general corporate purposes incurred in connection with the wind-down. Any unused proceeds of the Wind-Down Facility, together with the proceeds from the sale of the Collateral remaining following the wind-down of MLC, will be used to repay obligations to the Lenders and shall not remain in MLC’s estate.

 

2.

Restricted Cash

 

a.

“Restricted Cash” generally consists of restricted and escrowed cash and cash equivalents, including collateral securing bonds, insurance policies, and letters of credit. This is required by various courts and governmental agencies and is associated with various liabilities of MLC. The major categories of liabilities covered by such instruments include litigation, environmental, workers compensation,  and utilities.   For

 

 

Page | 2

 


 

 

Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

 

example, court bonds are maintained for litigation and tax case appeals. Environmental instruments are maintained to ensure site specific remediation. The workers compensation instruments are for claims arising in Georgia, New Jersey, and Oklahoma, the states for which such liabilities have been retained by MLC. MLC holds other minor instruments for licenses, permits, and guarantee payments.

 

3.

Investment in General Motors Company

 

a.

As part of the consideration received by MLC in the 363 Sale, General Motors Company issued to MLC (a) 50,000,000 shares (10%) of its common stock and (b) warrants to acquire newly issued shares of its common stock initially exercisable for a total of 90,909,090 shares of common stock (15% of the common stock of General Motors Company on a fully diluted basis) on the respective terms specified therein. MLC will receive additional shares of General Motors Company if the allowed claims against MLC exceed certain thresholds.

 

4.

Real Property

 

a.

MLC owns 127 properties located throughout the continental United States. These properties range in purpose from engineering centers to residential properties and are categorized as follows:

Engineering

4

Vacant Land

45

Manufacturing

16

Office

2

Miscellaneous

2

Residential

54

Warehouse

4

Total:

127

 

 

b.

MLC owns 16 manufacturing properties and has entered into triple net lease agreements with General Motors Company with respect to all but four properties. These 12 manufacturing properties are subject to a Transition Services Agreement pursuant to which General Motors Company will perform certain facility idling services for MLC at agreed upon rates when the leases terminate and the properties are returned to MLC. MLC is also a party to leases of real property within the United States which it intends to

 

Page | 3

 


 

 

Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

 

reject in accordance with the Bankruptcy Code at such time as General Motors Company terminates its lease with MLC and vacates the property.

 

c.

Many of MLC’s residential properties and land parcels have been identified as potential environmentally challenged sites. For a more detailed explanation of the environmental sites and the corresponding liabilities see Section 13 – Environmental.

 

5.

Machinery and Equipment

 

a.

Machinery and equipment in MLC consists of all capitalized assets not purchased by General Motors Company in the 363 Sale. Examples of machinery and equipment include machine tools, foundry equipment, furniture and fixtures, general plant equipment, processing equipment, and robot tools. The majority of the machinery and equipment is located in MLC manufacturing properties. MLC is also a party to leases of personal property within the United States which it intends to reject in accordance with the Bankruptcy Code.

 

6.

Investment in Subsidiaries

 

a.

Investments in subsidiaries consist of MLC’s investments in 152 wholly and partially owned non-debtor entities. Such entities may be divided into the following categories:

Dealership Related Entities

106

Foreign Entities

7

Historical Investment Entities

5

Historical Operating Entities

28

Other Entities

6

Total

152

 

 

b.

Dealership Related Entities can be categorized into two primary categories:

 

i.

Several dealerships that have ongoing operations and are currently being reviewed to determine their ultimate disposition.

 

ii.

Other MLC owned dealers which are inactive or have already liquidated in the ordinary course.

 

c.

There are two primary entities in the Foreign Entities category.

 

Page | 4

 

 
 
 
 

Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

 
 

 

i.

General Motors Nova Scotia Finance Company is a finance company that was created to issue approximately $1 billion in GBP bonds, which are guaranteed by MLC.

 

ii.

General Motors Strasbourg owns a plant that is currently operating which manufactures transmissions.

 

d.

New United Motor Manufacturing, Inc (NUMMI) is a corporation that was established as a joint venture between General Motors and Toyota relating to the manufacture of vehicles, which presently are the Pontiac Vibe, Toyota Corolla, and Toyota Tacoma in the United States. MLC is currently in discussions with Toyota, which is considering the future status of the joint venture.

 

e.

Historical Operating Entities includes entities that were engaged in several activities. The following represents a listing of the major entities:

 

i.

El-Mo entities: Engaged (currently or previously) in leasing locomotives in the United States and Mexico.

 

ii.

Environmental Corporate Remediation Company, Inc. (ENCORE): Engaged in the management of environmental remediation liabilities, including assessing, investigating, and discharging environmental liabilities associated with domestic and international locations.

 

iii.

Remediation and Liability Management Company, Inc. (REALM): Engaged in the management of environmental remediation liabilities, including assessing, investigating, and discharging environmental liabilities associated with domestic and international locations.

 

iv.

General Motors Export Corporation: In years prior to 1985, as a Domestic International Sales Corporation, this entity acted as a commission agent for qualified export sales of its parent company, MLC. Under the provisions of the Deficit Reduction Act, the company can no longer operate as a commission agent.

 

f.

Other entities include inactive or dormant entities that are expected to have little or no value.

Page | 5

 
 

 

 
 
 

Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

 
 

 

7.

Tax Refunds

 

a.

MLC’s assets include all tax claims and tax refunds to the extent that they relate exclusively to the assets not sold to and liabilities not assumed by General Motors Company in the 363 Sale.

Liabilities

 

8.

Wind-Down Facility

 

a.

MLC is obligated to repay the Lenders under the $1.175 billion Wind-Down Facility from the proceeds of such facility as well as from the proceeds of the sale of other assets of MLC, other than its equity interests in General Motors Company. The Wind-Down Facility is otherwise non-recourse to MLC.

 

9.

Accounts Payable

 

a.

Accounts payable consists principally of amounts owed to trade vendors, but also includes lesser amounts relating to other purchasing activities. Among trade vendors, the majority of accounts payable are typically related to direct suppliers that supply parts and material that flow into the production of automobiles. Indirect suppliers that supply other services and materials necessary to sustain production are typically the second largest group of creditors.

 

b.

Since MLC’s chapter 11 cases commenced on June 1, 2009, the pre-petition balances of substantially all direct suppliers, and a majority of indirect suppliers, have been paid under first day motions or by General Motors Company in connection with curing defaults under contracts assumed by MLC and assigned to General Motors Company. Contract assumption activity is currently continuing and it is expected that General Motors Company will assume additional contracts and pay associated cure amounts, thereby decreasing the accounts payable outstanding against MLC. Suppliers that have not been paid through first day motions or contract cure payments may have unsecured claims against MLC. It is currently estimated that a relatively small amount of pre-petition accounts payable claims will remain with MLC.

 

Page | 6

 

 
 
 
 

Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

 

 

10.

Public Debt and Industrial Revenue Bonds

 

a.

Indebtedness for borrowed money, other than under the Wind-Down Facility, is principally comprised of unsecured public bonds and industrial revenue bonds.

 

i.

The majority of the debt is comprised of 26 series of unsecured public bonds. Wilmington Trust Company is Trustee under the two indentures which govern 24 of the series of bonds. Deutsche Bank AG London is the Fiscal Agent under the Fiscal and Paying Agency Agreement which governs the remaining two series of bonds, which are denominated in Euros.

 

ii.

The industrial revenue bonds represent a minor amount of the total debt outstanding. There are seven series of bonds that are associated with various municipalities, for which the Bank of New York Mellon is the Trustee.

 

iii.

Additionally, there are two series of pound sterling denominated bonds issued by General Motors Nova Scotia Finance Company (a wholly owned subsidiary of MLC) that are guaranteed by MLC. The guarantee is a direct, unsecured obligation of MLC. Deutsche Bank Luxembourg S.A. is the Fiscal Agent with respect to such bonds.

 

iv.

Pursuant to the amendment to the Fiscal and Paying Agency Agreement on June 25, 2009, the holders of bonds issued by General Motors Nova Scotia Finance Company agreed to pursue only the following claims in relation to their bonds: (A) their claim against General Motors Nova Scotia Finance Company with respect to such bonds; (B) their claim under the guarantee by MLC of such bonds; and (C) the claim against MLC (as the sole shareholder of General Motors Nova Scotia Finance Company) that the trustee in a bankruptcy or liquidation of General Motors Nova Scotia Finance Company may assert, as a result of General Motors Nova Scotia Finance Company being an unlimited company, for contribution for any amounts unpaid to General Motors Nova Scotia Finance

 

Page | 7

 

 

 
 
 
 

Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

 

Company's creditors. Under the Lock Up Agreement2 dated June 1, 2009, MLC agreed that the foregoing claims against it will be allowed claims. The claim described in section (C) in this paragraph is in addition to the bond debt described in paragraphs (i), (ii), and (iii) above.

 

11.

Union Obligations

 

a.

MLC currently is obligated to provide retiree insurance benefits, most significantly, medical and life insurance, to six union groups’ (the “Splinter Unions”) retirees at an estimated cost of $23 million per month. In addition, MLC has obligations arising from collective bargaining agreements with certain Splinter Unions that were negotiated following the closure of certain plants and locations. These agreements address employment and post-employment benefits and include, among other obligations, wages, annuity payments, monthly pre-retirement buy-out payments, and supplemental unemployment insurance benefits. These agreements are estimated to cost $1.34 million per month. The Splinter Unions include:

 

i.

The International Union of Electrical Workers (IUE)

 

ii.

The United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union (USW)

 

iii.

International Union of Operative Engineers (IUOE)

 

iv.

Catering/UCR (UCR)

 

v.

Teamsters/IBT (IBT)

 

vi.

Boilermakers/MPBP (MPBP)

There are ongoing negotiations between MLC and union advisors to resolve these obligations. The outcome of these negotiations is undeterminable at this time. If these negotiations do not result in an agreement, MLC intends to reject the collective bargaining
 

_________________________

Lock Up Agreement dated June 1, 2009 between General Motors Nova Scotia Finance Company, General Motors of Canada Limited, GM Nova Scotia Investments Ltd., General Motors Corporation, Aurelius Capital Partners, LP., Aurelius Capital Masters, Ltd., Drawbridge DSO Securities LLC, Drawbridge OSO Securities LLC, FCOF UB Securities LLC, Appaloosa Investment Partnership I, Palomino Fund Ltd., Thoroughbred Master Ltd., Thoroughbred Fund LP., Elliott International L.P., and The Liverpool Limited Partnership.

Page | 8

 

 

 
 
 
 

Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

 
 
agreements which will result in the Splinter Unions holding unsecured claims against MLC’s estate with an estimated value of over $3 billion.

 

12.

Litigation

 

a.

MLC litigation liabilities include product liability, asbestos liability, and other litigation. These reserves are for actual claims and lawsuits filed as well as an estimate for incidents incurred but not reported (IBNR). The product liability claims are for incidents that occurred prior to July 10, 2009 and are primarily related to property damages, personal injuries and breach of warranty claims. The asbestos claims allege that exposure to asbestos resulted in asbestosis, mesothelioma, cancers, and death. The other litigation liability reserve is for pending matters and includes employee, dealer, pricing, intellectual property, and other various matters.

 

13.

Environmental

 

a.

The environmental liabilities relate to land and facilities owned or previously associated with MLC. The liabilities associated with these sites represent the costs to perform remediation on the sites with the goal of obtaining regulatory closure whenever possible to facilitate their disposition and to allow for productive use by others. In determining these liabilities, MLC analyzed the major sites and estimated contingencies, oversight costs, and facility demolition costs (to the extent demolition was required for compliance with environmental laws), as appropriate. The environmental liabilities estimates were determined by considering environmental closure scenarios. MLC continues to refine environmental costs and develop hypotheses for the integration of remediation and development for the highest and best use of its properties.

 

14.

Professional Fees

 

a.

MLC’s estimated liabilities include accrued costs for several professional service firms for services rendered during the period June 1, 2009 to July 10, 2009.

 

15.

Workers Compensation

 

a.

Workers compensation liability includes actual claims filed as well as an estimate for incidents incurred but not reported (IBNR). The liability is limited to incidents in Alabama, Georgia, New Jersey, and Oklahoma. MLC had no ongoing operations in these

 
 

Page | 9

 

 
 
 
 

Motors Liquidation Company, et al.

 

Balance Sheet Narrative

August 11, 2009

 
 

 

 

states as of the commencement of its bankruptcy cases. A portion of the liability for three of these states (Georgia, New Jersey, and Oklahoma) is bonded and secured by the restricted cash collateral.

 

 

16.

Estimated Contract Rejection Damages

 

a.

MLC has rejected several material contracts including marketing, real estate, engineering, direct suppliers, finance, and human resources and will be rejecting others during the course of its cases. MLC is in the process of analyzing and estimating contract rejection damage claims.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page | 10

 

 


EXHIBIT B

 

Statement of receipts and disbursements

 

 

 

 
 

Debtors in Possession - Motors Liquidation Company - US

Actuals - U.S. Dollars

June 1 through July 10, 2009

 

($ Millions)

 

Actuals

Actuals

Actuals

Actuals

Actuals

Actuals

 

Actuals

Period begins

 

1-Jun

8-Jun

15-Jun

22-Jun

29-Jun

6-Jul

 

1-Jun

Period ends

 

7-Jun

14-Jun

21-Jun

28-Jun

5-Jul

10-Jul

 

10-Jul

Receipts

 

 

 

 

 

 

 

 

 

Vehicle Receipts

 

586

588

545

668

275

198

 

2,860

Allied and other operating receipts

[A]

176

217

96

423

2,078

195

 

3,185

Total operating receipts

 

762

805

641

1,091

2,353

393

 

6,045

 

 

 

 

 

 

 

 

 

 

Disbursements

 

 

 

 

 

 

 

 

 

External operating disbursements:

 

 

 

 

 

 

 

 

 

Net payroll

 

(27)

(91)

(22)

(88)

(16)

(17)

 

(261)

Supplier, allied and other operating disbursements

[B]

(268)

(470)

(803)

(673)

(3,171)

(903)

 

(6,288)

Total operating disbursements

 

(295)

(561)

(825)

(761)

(3,187)

(920)

 

(6,549)

 

 

 

 

 

 

 

 

 

 

Net operating cash flows

 

467

244

(184)

330

(834)

(527)

 

(504)

 

 

 

 

 

 

 

 

 

 

Non-operating

 

 

 

 

 

 

 

 

 

External financing flows:

 

 

 

 

 

 

 

 

 

Revolver acceleration

 

-

-

-

-

(3,920)

-

 

(3,920)

Term loan acceleration

 

-

-

-

-

(1,481)

-

 

(1,481)

Other 363-related acceleration

 

-

-

-

-

(126)

-

 

(126)

Other financing flows

 

-

-

-

19

-

-

 

19

Total external financing flows

 

-

-

-

19

(5,527)

-

 

(5,508)

Other external non-operating flows

 

 

 

 

 

 

 

 

 

Delphi

[C]

(1)

(1)

(57)

(36)

(18)

(60)

 

(173)

Other

[D]

7

11

(24)

51

(37)

65

 

73

Other non-operating flows

 

6

10

(81)

15

(55)

5

 

(100)

Net external non-operating flows

 

6

10

(81)

34

(5,582)

5

 

(5,608)

Allied non-operating flows

 

 

 

 

 

 

 

 

 

Inflows

 

-

4

-

-

-

-

 

4

Outflows

 

-

-

-

-

-

-

 

-

Net allied non-operating flows

 

-

4

-

-

-

-

 

4

Net non-operating flows

 

6

14

(81)

34

(5,582)

5

 

(5,604)

 

 

 

 

 

 

 

 

 

 

Net flows and cash balance

 

 

 

 

 

 

 

 

 

Net cash flow

 

473

258

(265)

364

(6,416)

(522)

 

(6,108)

Beginning Cash

 

1,435

7,608

7,866

7,601

12,965

6,549

 

1,435

Net Cash Flow

 

473

258

(265)

364

(6,416)

(522)

 

(6,108)

Advances under DIP Credit Agreement

 

5,700

 

 

5,000

-

5,000

 

15,700

Ending Cash 

 

7,608

7,866

7,601

12,965

6,549

11,027

 

11,027

 

Notes:

 

[A]

Includes cash receipts from Service Parts, Powertrain, XM and On-Star as well as royalty payments from non-U.S. affiliates.Also includes export sales to Canada and Mexico as well as reimbursement of certain payments made to suppliers on behalf of Canada and Mexico.

 

[B]

Represents disbursements for direct and indirect suppliers, utilities, employee benefits, payroll and other taxes, dealer acitivity and research and development.Also includes purchases of vehicles imported from Canada and Mexico.

 

[C]

Amounts represent liquidity support for Delphi governed by Loan and Security Agreement.

 

[D]

Amounts include retail lease receipts, proceeds from miscellaneous asset sales and support for troubled suppliers.

 

 

 

 

 

Motors Liquidation Company., et al.

June 1, 2009 - July 10, 2009

SUMMARY OF MONTHLY DISBURSEMENTS

(Dollars in millions)

(Unaudited)

 

 

Legal Entity

 

Period Ended
July 10, 2009

Motors Liquidation Company (fna General Motors Corporation)

 

$ 12,043.8

Saturn, LLC

 

108.8

Saturn Distribution Corporation

[A]

-

Chevrolet-Saturn of Harlem, Inc.

 

0.4

Total Disbursements

[B]

$ 12,153.0

 

 

 

 

 

 

 

 

 

Notes:

 

 

[A]

Saturn Distribution Corporation's disbursement activity is limited to semi-annual dividend payments. There were no dividend payments during the reporting period.

 

[B]

The Debtors made no professional fee payments during the reporting period.

 

 

 

 

 

 

 

 

 

United States Bankruptcy Court for the Southern District of New York

In re: Motors Liquidation Company, et al. 

Case No.: 09-50026 (REG) (Jointly Administered) 

 

 

 


EXHIBIT C

 

List of the Debtors’ wholly or

partially owned subsidiaries

 

 

 

 
 

 

Motors Liquidation Company

 

List of Subsidiaries

As of July 10, 2009*

 

 

No.

Subsidiary

1

Alan Reuber Chevrolet, Inc.

2

Albany Auto Group, LLC

3

Alhambra Pontiac GMC Buick, Inc.

4

Alternative Energy Services LLC

5

Amherst Chevrolet, Inc.

6

Anixter International, Inc.

7

Auburn Chevrolet Oldsmobile Cadillac, Inc.

8

Autocity Buick Pontiac GMC, Inc.

9

Beacon Chevrolet Oldsmobile, Inc.

10

Beil Acquisition Corporation

11

Bennett Pontiac GMC, Inc.

12

Bensonhurst Chevrolet, Inc.

13

Buick GMC of Milford, Inc.

14

Cadillac of Lynbrook, Inc.

15

Carnahan Chevrolet, Inc.

16

Champion Buick Pontiac GMC, Inc.

17

Chevrolet Of Clarks Summit, Inc.

18

Chevrolet-Oldsmobile-Cadillac of Chicopee, Inc.

19

Cobb Parkway Chevrolet, Inc.

20

Colchester Chevrolet, Inc.

21

Commerce Buick Pontiac GMC, Inc.

22

Commonwealth On The Lynnway, Inc.

23

Dadeland Chevrolet, Inc.

24

DDH Investments of South Texas, Inc.

25

Decatur Buick Pontiac GMC, Inc.

26

Douglaston Chevrolet, Inc.

27

DP Compressors L.L.C.

28

Elk Grove Buick Pontiac GMC, Inc.

29

Elk Grove Saturn Auto, Inc.

30

El-Mo Holding I Corporation

31

El-Mo Holding II Corporation

32

El-Mo Leasing II Corporation

33

El-Mo Leasing III Corporation

34

El-Mo-Mex, Inc.

35

Environmental Corporate Remediation Company, Inc.

36

Ernie Patti Pontiac GMC, Inc.

37

Exeter Chevrolet Buick Pontiac, Inc.

38

Fairway Automotive Group, Inc.

39

Falls Pontiac GMC, Inc.

40

Family Buick Pontiac GMC, Inc.

41

Fernandez GMC Pontiac Buick, Inc.

42

Florence Buick GMC, Inc.

43

Freeborough Automotive, Inc.

44

Freehold Chevrolet-Geo, Inc.

45

Frontier Chevrolet, Inc.

46

GEM Motors, Inc.

47

GENERAL MOTORS CAPITAL TRUST "D"

 

______________

*  The names of certain of these subsidiaries have been changed since July 10, 2009

 

 

Page 1 of 4

 




 

 

 

Motors Liquidation Company

List of Subsidiaries

As of July 10, 2009*

   

No.

Subsidiary

48

GENERAL MOTORS CAPITAL TRUST "G"

49

General Motors Commercial Corporation

50

General Motors Export Corporation

51

General Motors Foreign Sales Corporation

52

General Motors Indonesia, Inc.

53

General Motors International Operations, Inc.

54

General Motors Nova Scotia Finance Company

55

General Motors Receivables Corporation

56

General Motors Strasbourg

57

General Motors Trade Receivables LLC

58

Gilroy Chevrolet Cadillac, Inc.

59

GM Auto Receivables Co.

60

GM DriverSite Incorporated

61

GM Facilities Trust No. 1999-1

62

GM National Car International, Ltd.

63

GMETR Finance Company Receivables LLC

64

GMETR Service Parts Receivables LLC

65

GMLG Ltd.

66

GMRH Kansas City, Inc.

67

GMRH Philadelphia, Inc.

68

GMRH Pittsburgh, Inc.

69

GMRH Seattle, Inc.

70

GMRH St. Louis, Inc.

71

GMRHLA, Inc.

72

Hawaii Automotive Retailing Group, Inc.

73

Hope Automotive, Inc.

74

InQBate Corporation

75

Integrity Saturn of Chattanooga, Inc.

76

Jennings Motors, Inc.

77

John H. Powell, Jr. Chevrolet Oldsmobile, Inc.

78

Joseph Motors, Inc.

79

Kaufman Automotive Group, Inc.

80

Kings Mountain Chevrolet, Inc.

81

LBK, LLC

82

Leo Stec Saturn, Inc.

83

Lexington Motors, Inc.

84

Lou Sobh Cerritos Saturn, Inc.

85

Lou Sobh Saturn of Elmhurst, Inc.

86

Lou Sobh Saturn, Inc.

87

Lowell Pontiac Buick GMC, Inc.

88

Manual Transmissions of Muncie, LLC

89

Martino Pontiac-GMC, Inc.

90

MDIP-Norcal, Inc.

91

Merry Oldsmobile, Inc.

92

Metro Chevrolet, Inc.

93

Metropolitan Auto Center, Inc.

94

Miami Lakes Pontiac, Inc.

95

Millington Chevrolet, Inc.

96

Miracle Mile Chevrolet Buick, Inc.

 

Page 2 of 4

 

 




 

 

 

Motors Liquidation Company

  List of Subsidiaries

As of July 10, 2009*

   

No.

Subsidiary

97

MLS USA, Inc.

98

Motor Enterprises, Inc.

99

Motors Trading Corporation

100

Multiple Dealerships Holdings of Albany, Inc.

101

New Castle Automotive, Inc.

102

New Rochelle Chevrolet, Inc.

103

New United Motor Manufacturing, Inc.

104

New-Cen Commercial Corporation

105

North Bay Auto Group, LLC

106

North Bay Multi-Site, Inc.

107

North Orange County Saturn, Inc.

108

Northpoint Pontiac-Buick-GMC Truck, Inc.

109

Oakland Automotive Center, Inc.

110

Pacific Dealership Group, Inc.

111

Park Plaines Chevrolet-Geo, Inc.

112

Peninsula Pontiac GMC Buick, Inc.

113

Pontiac Buick GMC Of Abilene, Inc.

114

Pontiac GMC of Latham, Inc.

115

Port Arthur Chevrolet, Inc.

116

Premier Investment Group, Inc.

117

Prestige Saturn of Jacksonville, Inc.

118

Puente Hills Pontiac GMC Buick, Inc.

119

Rancho Mirada Chevrolet, Inc.

120

Remediation And Liability Management Company, Inc.

121

Riverfront Development Corporation

122

Saab Cars Holdings Overseas Corp.

123

San Francisco Multiple Dealer Holdings, Inc.

124

Saturn of Central Florida, Inc.

125

Saturn of Charlotte Market Area, Inc.

126

Saturn of New York City, Inc.

127

Saturn of Ontario, Inc.

128

Saturn of Raleigh Market Area, Inc.

129

Saturn of Wilkes Barre, Inc.

130

Saturn Retail of South Carolina, LLC

131

Sherwood Pontiac Buick GMC, Inc.

132

Simpsonville Chevrolet, Inc.

133

South Bay Multi-Site, Inc.

134

Sw Houston Motors, Inc.

135

Tampa Bay Buick, Inc.

136

Tiens Biotech Group (USA), Inc.

137

Torrance Buick GMC, Inc.

138

Tracy Pontiac GMC Cadillac, Inc.

139

Trenton Chevrolet, Inc.

140

TX Holdco, LLC

141

Valley Stream Automotive, Inc.

142

Valley Stream Motors, Inc.

143

Vanguard Car Rental USA Inc.

144

Vector SCM Asia Pacific Pte., Ltd.

145

Vector SCM do Brasil Ltda.

146

Vector SCM Mexico S. de R.L. de CV

147

Vector SCM Shanghai Co., Ltd.

148

Vector SCM, LLC

149

W. Babylon Chevrolet-Geo, Inc.

150

Walsh Chevrolet, Inc.

151

Washington Chevrolet, Inc.

152

Westminster Pontiac GMC Buick, Inc.

 

Page 3 of 4

 

 

 

 

Motors Liquidation Company

  List of Subsidiaries

As of July 10, 2009*

   

No.

Subsidiary

146

Vector SCM Mexico S. de R.L. de CV

147

Vector SCM Shanghai Co., Ltd.

148

Vector SCM, LLC

149

W. Babylon Chevrolet-Geo, Inc.

150

Walsh Chevrolet, Inc.

151

Washington Chevrolet, Inc.

152

Westminster Pontiac GMC Buick, Inc.

 

Page 4 of 4

 




 

EXHIBIT D

 

List of the Debtors’ real property

 

 

 

 
 

 

Motors Liquidation Company

 

 

 

 

Owned Property Listing

 

 

 

 

As of August 4, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

No.

Site Name

Property Address

Site City

Property State Province

1

Employee Development Center

65 University Drive

Pontiac

Michigan

2

Powertrain - Romulus Engineering Center

37350 Ecorse Road

Romulus

Michigan

3

Saginaw Malleable Iron

77 West Center Street

Saginaw

Michigan

4

Saginaw Nodular Iron (PIMS297)

2100 Veterans Memorial Pkwy

Saginaw

Michigan

5

Former Howard W/H - vacant land

700 Garey Street

Saginaw

Michigan

6

Vacant Land (76 acres)

NEC of Denton and Ecorse

Van Buren Township

Michigan

7

Former Leed's Assembly Plant

Land south of 6817 Stadium Drive

Kansas City

Missouri

8

Hyatt Hills Golf Complex

1300 Raritan Road

Clark

New Jersey

9

GM Plant

1445 Parkway Avenue Trenton\Ewing Township

Ewing

New Jersey

10

One General Motors Circle

One General Motors Circle

Syracuse

New York

11

Lordstown Excess Land

1829 Hallock Young Road

Lordstown

Ohio

12

Moraine Lagoon

3100 Dryden Road

Moraine

Ohio

13

Janesville Training Center

1405 South Jackson Street

Janesville

Wisconsin

14

GMPT - Toledo REALM Parcel

1455 West Alexis Road

Toledo

Ohio

15

6560 Cass Avenue

6560 Cass Avenue

Detroit

Michigan

16

Linden Road Landfill

TDB

Flint

Michigan

17

Flint - Coldwater

1245 East Coldwater Road (G-1245 E Coldwater Road)

Flint

Michigan

18

Former Delco Chassis Plant

12950 Eckles Road

Livonia

Michigan

19

Land along Stanley Road

Stanley Road

Mt. Morris

Michigan

20

Greenpoint Landfill

TBD

Saginaw

Michigan

21

Vacant Land South of Van Born (68 acres)

Vacant Land South of Van Born

Van Buren Township

Michigan

22

Textile Road Land

Textile Road

Ypsilanti

Michigan

23

Former Leed's Assembly Plant

Land south of 6817 Stadium Drive

Kansas City

Missouri

24

Adjacent to Salinas Industrial Park

Factory Road

Syracuse

New York

25

Elyria Landfill

TBD

Elyria

Ohio

26

Fiero site (Powerhouse)

900 Baldwin Avenue

Pontiac

Michigan

27

Flint Flowthrough Warehouse

4002 James Cole Blvd.

Flint

Michigan

28

Pontiac Fiero Site (excld Powerhouse)

900 Baldwin Avenue

Pontiac

Michigan

29

GMVM - Wilmington Assembly

801 Boxwood Road PO Box 1512 - 19899

Wilmington

Delaware

30

Stamping - Indianapolis

340 White River Parkway West Drive South 50

Indianapolis

Indiana

31

GMVM - Shreveport Assembly (excld Stamping)

7600 General Motors Boulevard PO Box 30011 - 71130-0011

Shreveport

Louisiana

32

Stamping - Shreveport

7600 General Motors Boulevard PO Box 30011 - 71130-0011

Shreveport

Louisiana

33

GMPT - Flint North #5/#10/#81

902 E Hamilton Avenue

Flint

Michigan

34

GMPT - Livonia

12200 Middlebelt

Livonia

Michigan

35

GMVM - Pontiac Assembly

2100 S Opdyke Road

Pontiac

Michigan

36

Stamping - Pontiac North Campus (excld Plt #14)

220 East Columbia

Pontiac

Michigan

37

Stamping - Grand Rapids

300 36th Street SW

Wyoming

Michigan

38

GMPT - Willow Run (Includes Engineering Center)

2930 Ecorse Road

Ypsilanti

Michigan

39

GMPT - Massena

Route 37 East

Massena

New York

 

 

Page 1

 




 

 

Motors Liquidation Company

 

 

 

 

Owned Property Listing

 

 

 

 

As of August 4, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

No.

Site Name

Property Address

Site City

Property State Province

40

Stamping - Mansfield

2525 West Fourth Street PO Box 2567 - 44906

Mansfield

Ohio

41

GMVM - Moraine Assembly

2601 West Stroop Road

Moraine

Ohio

42

GMPT - Parma Complex

5400 Chevrolet Boulevard PO Box 30098

Parma

Ohio

43

Stamping - Pittsburgh

1451 Lebanon School Road

West Mifflin

Pennsylvania

44

GMPT - Fredericksburg

11032 Tidewater Trail

Fredericksburg

Virginia

45

Danville Central Foundry

I-74 @ G Street

Danville

Illinois

46

Venture 2000 Industrial Park

2915 Pendleton Avenue

Anderson

Indiana

47

639 Riley Blvd.

639 Riley Blvd.

Bedford

Indiana

48

332 Breezy Hill

332 Breezy Hill

Bedford

Indiana

49

609 Rawlins Mill

609 Rawlins Mill

Bedford

Indiana

50

1609 Mount Pleasant

1609 Mount Pleasant

Bedford

Indiana

51

145 Broomsage

145 Broomsage

Bedford

Indiana

52

112 Bailey Scales

112 Bailey Scales

Bedford

Indiana

53

641 Riley Blvd.

641 Riley Blvd.

Bedford

Indiana

54

1081 Breckenridge

1081 Breckenridge

Bedford

Indiana

55

Vacant lot (Inman Court)

Vacant lot (Inman Court)

Bedford

Indiana

56

1119 Breckenridge

1119 Breckenridge

Bedford

Indiana

57

Vacant Lot North of GM Plant – Breckenridge Road

Vacant Lot North of GM Plant – Breckenridge Road

Bedford

Indiana

58

402 Bailey Scales

402 Bailey Scales

Bedford

Indiana

59

"M" Street Church - 132 “M” Street

"M" Street Church - 132 “M” Street

Bedford

Indiana

60

"M" Street Parsonage - 134 “M” Street

"M" Street Parsonage - 134 “M” Street

Bedford

Indiana

61

Five Acres (Danny WaIl’s) – Vacant Lot Bailey Scales Road

Five Acres (Danny WaIl’s) – Vacant Lot Bailey Scales Road

Bedford

Indiana

62

624 Riley A

624 Riley A

Bedford

Indiana

63

624 Riley B

624 Riley B

Bedford

Indiana

64

626 Riley A

626 Riley A

Bedford

Indiana

65

626 Riley B

626 Riley B

Bedford

Indiana

66

628 Riley A

628 Riley A

Bedford

Indiana

67

628 Riley B

628 Riley B

Bedford

Indiana

68

630 Riley A

630 Riley A

Bedford

Indiana

69

630 Riley B

630 Riley B

Bedford

Indiana

70

632 Riley A

632 Riley A

Bedford

Indiana

71

632 Riley B

632 Riley B

Bedford

Indiana

72

634 Riley A

634 Riley A

Bedford

Indiana

73

634 Riley B

634 Riley B

Bedford

Indiana

74

224 Madison

224 Madison

Bedford

Indiana

75

636 Riley A

636 Riley A

Bedford

Indiana

76

636 Riley B

636 Riley B

Bedford

Indiana

77

637 Riley A

637 Riley A

Bedford

Indiana

78

637 Riley B

637 Riley B

Bedford

Indiana

 

 

Page 2

 




 

 

Motors Liquidation Company

 

 

 

 

Owned Property Listing

 

 

 

 

As of August 4, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

No.

Site Name

Property Address

Site City

Property State Province

79

638 Riley A

638 Riley A

Bedford

Indiana

80

638 Riley B

638 Riley B

Bedford

Indiana

81

640 Riley A

640 Riley A

Bedford

Indiana

82

640 Riley B

640 Riley B

Bedford

Indiana

83

641 Riley A

641 Riley A

Bedford

Indiana

84

641 Riley B

641 Riley B

Bedford

Indiana

85

643 Riley A

643 Riley A

Bedford

Indiana

86

643 Riley B

643 Riley B

Bedford

Indiana

87

645 Riley A

645 Riley A

Bedford

Indiana

88

645 Riley B

645 Riley B

Bedford

Indiana

89

330 Robins Way

330 Robins Way

Bedford

Indiana

90

126 Bailey Scales

126 Bailey Scales

Bedford

Indiana

91

115 Bailey Scales

115 Bailey Scales

Bedford

Indiana

92

1589 Peerless

1589 Peerless

Bedford

Indiana

93

1585 Peerless

1585 Peerless

Bedford

Indiana

94

659 Riley

659 Riley

Bedford

Indiana

95

105 Valley Lane

105 Valley Lane

Bedford

Indiana

96

572 Broomsage

572 Broomsage

Bedford

Indiana

97

222 Madison Street

222 Madison Street

Bedford

Indiana

98

228 Madison Street

228 Madison Street

Bedford

Indiana

99

640 North Jackson

640 North Jackson

Bedford

Indiana

100

1723 N. Washington

1723 N. Washington

Kokomo

Indiana

101

Fairfax Land

100 Kindleberger Road

Fairfax

Kansas

102

Framingham Landfill

TBD

Framingham

Massachusetts

103

Hemphill lot (7+/- acres)

SEC Hemphill & Saginaw

Burton

Michigan

104

Davison road land

TBD

Burton

Michigan

105

Clark Street Redevelopment

Former Cadillac Site

Detroit

Michigan

106

6241 Cass Avenue

Lot 8 - Cass & Amsterdam Aves.

Detroit

Michigan

107

Buick City

902 East Hamilton Avenue

Flint

Michigan

108

Dort Highway Land

10800 S. Saginaw Road

Flint

Michigan

109

Windiate Park Lots

TBD

Flint

Michigan

110

GLTC land (11+/- acres) (PIMS298)

NWC of Atherton & Saginaw

Flint

Michigan

111

Flint West - Flint River (Bluff Street)

Chevrolet @ Glenwood

Flint

Michigan

112

Plant 2, 3 & 6

2800 -2801 West Saginaw Street

Lansing Township/Lansing

Michigan

113

Former Plant 5

2901 South Canal Road

Lansing

Michigan

114

Former Delco Chassis Plant

13000 Eckles Road

Livonia

Michigan

115

1831 Grondinwood

1832 Grondinwood

Milford

Michigan

116

1495 Oak Hollow

1495 Oak Hollow

Milford

Michigan

117

Pontiac Centerpoint Campus - Central

2000 Centerpoint Parkway

Pontiac

Michigan

 

 

 

 

Page 3

 

 

 

Motors Liquidation Company

 

 

 

 

Owned Property Listing

 

 

 

 

As of August 4, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

No.

Site Name

Property Address

Site City

Property State Province

118

PCC-Validation

200 South Boulevard West

Pontiac

Michigan

119

Pontiac Centerpoint Campus - East

1999 Center Point Parkway East

Pontiac

Michigan

120

Pontiac Centerpoint Campus - West

660 South Boulevard East

Pontiac

Michigan

121

Centerpoint Land (no Etkin ground lease)

Centerpoint Blvd S. of South Blvd

Pontiac

Michigan

122

ACG - Penske site

675 Oakland avenue

Pontiac

Michigan

123

Centerpoint Land (Etkin ground lease)

Centerpoint Blvd S. of South Blvd

Pontiac

Michigan

124

652 Meadow Drive

652 Meadow Drive

Pontiac

Michigan

125

642 Meadow Drive

642 Meadow Drive

Pontiac

Michigan

126

631 Meadow Drive

631 Meadow Drive

Pontiac

Michigan

127

607 Meadow Drive

607 Meadow Drive

Pontiac

Michigan

 

 
 
 
 
 
 
 
 

 

Page 4

 

 




 

EXHIBIT E

 

Schedule of retainers paid to professionals

 

 

 

 
 

 

Motors Liquidation Company., et al.

June 1, 2009 - July 10, 2009

 

SCHEDULE OF RETAINERS PAID TO PROFESSIONALS

(Unaudited)

 

 

Retained Professional

 

Balance as of June 1, 2009

AP Services LLC

 

$ 20,000,000

Honigman Miller LLP

 

583,394

Jenner & Block LLP

 

384,906

Weil Gotshal & Manges LLP

 

5,900,000

Total

 

$ 26,868,300

 

 

 

Note -

 

 

Information relating to outstanding retainer balances was obtained from each professional's application for retention.There were no payments to professionals during the reporting period.

 

United States Bankruptcy Court for the Southern District of New York

In re: Motors Liquidation Company, et al. 

Case No.: 09-50026 (REG) (Jointly Administered)