Old GM Environmental Liabilities Settlement
The United States, 14 states and the Saint Regis Mohawk Tribe entered into a settlement agreement with Chapter 11 debtor Motors Liquidation Company (“Old GM”), formerly known as General Motors Corporation, to settle certain environmental liabilities under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), the Resource Conservation and Recovery Act (RCRA) and state environmental laws. Under the agreement, Old GM will pay approximately $641.4 million and will contribute additional non-cash assets (with an estimated value of $120 million) for the cleanup and administration of 89 properties and sites around the country, 59 of which are known to have been contaminated with hazardous substances or waste. Old GM also spent approximately $11.5 million towards the cleanup of the properties during the pendency of the bankruptcy proceeding.
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|General Motors Corp.||$773,000,000|