Liquidating Distributions

9 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Liquidating Distributions

4. Liquidating Distributions

Liquidating distributions in the three months ended December 31, 2019 consisted of the following:

(in thousands)
Distributions during the three months ended December 31, 2019	$	15,305
Less: Liquidating distributions payable as of September 30, 2019		(343,874	)
Add: Liquidating distributions payable as of December 31, 2019		323,537
Net reversal	$	(5,032	)

Liquidating distributions in the nine months ended December 31, 2019 consisted of the following:

(in thousands)
Distributions during the nine months ended December 31, 2019	$	67,780
Less: Liquidating distributions payable as of March 31, 2019		(1,785	)
Add: Liquidating distributions payable as of December 31, 2019		323,537
Total	$	389,532

Distributions during the three and nine months ended December 31, 2019 principally consist of distributions to holders of Resolved Term Loan Avoidance Action Claims. As of December 31, 2019, liquidating distributions payable consists of (a) distributions payable of $0.7 million to holders of Resolved Term Loan Avoidance Action Claims, (b) distributions payable of $1.7 million to holders of Allowed General Unsecured Claims that were allowed in prior fiscal periods, but for which, the holders of such claims had not yet supplied information required by the GUC Trust in order to effect the distribution to which they are entitled and (c) distributions payable of $321.1 million to holders of GUC Trust Units. Due to the uncertainty regarding potential alleged Disputed General Unsecured Claims related to the General Motors recall litigation, and the pending Motion of Wilmington Trust Company, as GUC Trust Administrator, For An Order (A) Authorizing the Expedited Payment of Excess GUC Distributable Assets Pursuant to Section 5.4 of the GUC Trust Agreement, and (B) Approving Such Distribution as an Appropriate Exercise of the GUC Trust Administrator’s Rights, Powers, and/or Privileges Pursuant to Section 8.1(e) of the GUC Trust Agreement (the “Excess Distribution Motion”), the GUC Trust does not currently plan on making a distribution to holders of GUC Trust Units at this time.