In re GMC

407 B.R. 463 (2009)

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In re GMC

United States Bankruptcy Court for the Southern District of New York
407 B.R. 463 (2009)

Facts

General Motors Corporation (GM) (debtor) filed for bankruptcy while the company was experiencing continuing financial losses. GM sought to sell substantially all of its assets under § 363 of the United States Bankruptcy Code, which allowed for sales in the absence of a finalized reorganization plan. Various creditors objected, calling the proposed sale a sub rosa plan—that is, a disguised reorganization lacking the procedural safeguards required of reorganizations.

Rule of Law

Issue

Holding and Reasoning (Gerber, J.)

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Casebooks

Bankruptcy

Key Terms