S.D.N.Y. to Hear More GM Bankruptcy Motions During Week of June 29
As I discussed here last week, the U.S. Bankruptcy Court for the Southern District of New York (Hon. Robert E. Gerber) heard a litany of motions this week in the General Motors Chapter 11 bankruptcy case. Next week, the Court is scheduled to hear seven more motions. This information has been made available through the Southern District of New York Bankruptcy Court’s website. Today a link from that site’s ‘courtdocs’ page is reporting that the following motions will be heard by the Court on Tuesday June 30: Motion to Approve 363 Sale, Debtors’ First Omnibus Motion to Reject Certain Unexpired Leases, Debtors’ Second Omnibus Motion to Reject Certain Unexpired Leases, Motion to Employ Ordinary Course Professionals, Motion of Committee of Unsecured Creditors to Employ Counsel, and the Motion of Greater New York Automobile Dealers Association for Amicus Curiae Statement. Later next week, the Court is scheduled to hear a Motion for Relief from Stay by Manufacturers And Traders Trust Company. Although this makes for over twenty motions in less than two weeks, this should not be viewed as an indication that GM’s emergence from bankruptcy will be delayed or impeded, as was feared in the Chrysler bankruptcy when the Indiana pensioners’ challenge to the Fiat sale was appealed to the U.S. Supreme Court. According to the ‘restructuring’ page, GM remains optimistic that it will emerge from Chapter 11 sometime in August or September with a ‘New GM’ built around its ‘four core’ brands, Buick, Chevrolet, Cadillac and GMC. -Drew Broaddus
