Ex GM Chairman and CEO Rick Wagoner,center, Ex GM Vice Chairmen Bob Lutz, left, and survivor Fritz Henderson, right

General Motors Company will be headquartered in Detroit and led by Fritz Henderson as the president and chief executive officer.

The U.S. Bankruptcy Court for the Southern District of New York approved the sale of almost all of General Motors Corporation’s assets to NGMCO, Inc., a new legal entity funded by U.S. taxpayers for about $51 billion. An appeal by product liability lawyers is unlikely to halt the sale at noon on July 9th. 

When the sale closes, during the next week, NGMCO, Inc. will change its name to General Motors Company and continue to operate much like GM did in the past, albeit with only four core brands, and far fewer employees and dealers. Current GM employees will be offered positions by the new company. The current General Motors Corporation will then change its name to Motors Liquidation Company. It will ultimately be dissolved under direction of the court.

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General Motors Company will be headquartered in Detroit and will be led by Fritz Henderson as president and chief executive officer. Edward E. Whitacre, Jr. is chairman of the board of directors. 

Also selected to serve on the board of directors are six current members of the GM Corporation board — Erroll Davis, Neville Isdell, Kent Kresa, Philip Laskawy, Kathryn Marinello and Fritz Henderson. 

The UAW Retiree Medical Benefits Trust (VEBA) and the Canadian government each may nominate one member to serve on the board of the new GM. The retiree benefits trust has selected Stephen Girsky.  The Canadian government representative and four additional board members to be selected by the U.S. Treasury will be announced at a later date. 

The General Motors Company common stock will be owned by the U.S. Department of the Treasury, at 60.8%, the UAW Retiree Medical Benefits Trust, 17.5%; the Canadian federal and Ontario governments, 11.7%; and the Motors Liquidation Company, 10%. 

Motors Liquidation Company and the UAW Retiree Medical Benefits Trust will also hold warrants that are exercisable for 15% and 2.5% of the interests in the new GM, respectively.

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