Old General Motors to Sell $5.7M of New GM Stock, Warrants
The old General Motors that got stuck with the automaker’s debt and bad assets during its bankruptcy two years ago said it will begin selling stock and warrants in the new GM worth a total of $5.7 million.
Motors Liquidation, which was split from GM by a bankruptcy judge in 2009, said in a filing with the Securities and Exchange Commission that it would start selling the assets on Tuesday.
The company will sell 87,000 shares of GM worth more than $2.7 million and just over 158,000 warrants to buy GM stock worth a total of about $3 million. Half of the warrants are valued at $10 a share and the other half at $18.33.
Motors Liquidation currently owns about 10% of GM’s stock, which comprises some 1.56 billion shares and warrants to buy another 273 million shares.