General Motors, pursuant to its Chapter 11 reorganization, was allowed to sell most of its properties to the new GM, leaving behind unwanted properties that contain environmental liabilities estimated at $530 million. GM has a $1.2 billion bankruptcy wind down budget to cover the clean up of these sites, but many fear that this is not enough, as that money will also be used to pay administrative fees, other claims, liabilities and bankruptcy attorney fees. If there is not enough money left over, the clean up fees will likely fall upon taxpayers. Chrysler Group LLC had a similar bankruptcy and...
Continue reading GM and Chrysler Freed of Liability for Pollution.
