On June 1, 2009, Motors Liquidation Company (formerly General Motors Corporation) and certain subsidiaries filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Code for the Southern District of New York. An order was entered approving the sale of substantially all of Motors Liquidation Company’s assets to a new and independent company under section 363 of the Bankruptcy Code on June 5, 2009. The sale closed on July 10, 2009.
The list of equipment once used at General Motors' 5 million-square-foot Willow Run plant -- machines now on the auction block with the plant closing this month -- reads like an obituary for Michigan’s manufacturing past. But auctioneers are confident that the sale will reap "millions" for Motors Liquidation Co., a legal entity often referred to as “Old GM,” which was created during GM’s 2009 bankruptcy proceedings as a way to handling the automaker’s unwanted assets.
