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General Motors Bondholders

Wilmington Trust Company is successor indenture trustee for certain unsecured debt securities issued by General Motors Corporation (a list of such debt securities is available under the section of this website entitled "Bond List"). While these securities were cancelled under a plan of liquidation that was confirmed by the Bankruptcy Court for the Southern District of New York on March 29, 2011, they continue to exist for purposes of evidencing a right to distributions under the plan of liquidation. Wilmington Trust Company maintains this website and a call center for the benefit of former holders of these debt securities (referred to on this website as "bondholders"). If you have questions about the securities referenced in this website, please call 1-866-521-0079 Monday through Friday from 8:00 AM to 5:30 PM (Eastern). If you are calling from outside the United States, please click here for additional instructions.

For information regarding the Motor's Liquidation Company GUC Trust, please visit mlcguctrust.com.

 

General Information

Wilmington Trust Company serves as indenture trustee for former holders of notes, bonds and debentures issued by General Motors Corporation now known as Motors Liquidation Company, under two separate indentures (a list of such notes, bonds and debentures is available under the section of this website entitled "Bond List").

On June 1, 2009, General Motors Corporation and certain of its domestic subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. As a result of the bankruptcy filing, the notes, bonds, and debentures for which Wilmington Trust Company serves as indenture trustee ceased performing.

Shortly after General Motors filed for bankruptcy, it sold substantially all of its assets to a newly formed company (NewCo) pursuant to Bankruptcy Court authorization. In exchange for the sale of its assets, General Motors Corporation received, among other compensation, 50 million shares of the common stock of NewCo and warrants to acquire 90.9 million additional shares of NewCo common stock (which amount of stock and warrants has been subsequently adjusted). Following this sale, General Motors Corporation changed its name to "Motors Liquidation Company" and NewCo changed its name to "General Motors Company." As a result of the sale transaction and the subsequent name changes, bondholders of former "General Motors Corporation" became bondholders of Motors Liquidation Company, whose primary assets were the stock and warrants in General Motors Company received in the sale transaction.

On March 18, 2011 Motors Liquidation Company filed its Second Amended Joint Chapter 11 Plan (the "Plan") with the Bankruptcy Court for the Southern District of New York. The Plan was approved by the Bankruptcy Court on March 29, 2011 and, pursuant to a press release issued by the Debtors, became effective on March 31, 2011. The Plan provides for the cancellation of the notes, bonds, and debentures issued by Motors Liquidation Company, except for the purposes of evidencing a right to distributions under the Plan. Under the Plan, former holders of these debt securities can expect to receive common stock and warrants in General Motors Company on account of their bonds, notes and debentures. Currently, it is anticipated that the initial distribution will occur on or about April 21, 2011.

The formula for determining how many shares of General Motors Company common stock and warrants each holder of debt securities will receive is based on the total value of all of the allowed general unsecured claims against the estate of Motors Liquidation Company (and it subsidiary debtors) and the value of the allowed amount of a former bondholder's general unsecured claim. For the initial distribution, former bondholders can expect to receive the number of General Motors Company common stock and warrants outlined in the rate chart available under the section of this website entitled "Initial Distribution Rate Chart."

The Plan provides for the creation of a trust, entitled the "Motors Liquidation Company GUC Trust" which will be responsible for making all distributions to former bondholders (and other general unsecured creditors) under the Plan. The administrator of the Motors Liquidation Company GUC Trust maintains a website to provide information to beneficiaries of the Trust, including former bondholders. A link to the website maintained by the administrator of the Motors Liquidation Company GUC Trust is available under the section of this website entitled "Links."

Below is a summary of each of the key features of this website:

  • Bond List - This section of the website provides a listing of the note, bond, and debenture issuances of Motors Liquidation Company for which Wilmington Trust Company serves as indenture trustee.
  • Notices - This section of the website provides copies of each of the notices delivered by Wilmington Trust Company (through the Depository Trust Company) to the former bondholders via mailing.
  • Links - This section of the website provides web-links to third party sites which may be of interest to former bondholders, including the official website the administrator of the Motors Liquidation Company GUC Trust. Wilmington Trust Company does not monitor the information contained on these third party websites, and cannot verify content or accuracy.
  • Proof of Claim - This section of the website provides copies of the proofs of claim filed by Wilmington Trust Company on behalf of all former bondholders who are owed principal and interest for notes, bonds, and debentures issued under the two indentures for which Wilmington Trust Company serves as indenture trustee.
  • Key Plan Documents - This section of the website provides copies of the Plan, the order confirming the Plan, the agreement governing the Motors Liquidation GUC Trust, and other important documents for former bondholders.

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