Appointment follows role as chair of unsecured creditors’committeeWilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, announced today that it has been appointed as trust administrator of the general unsecured creditor trust in the bankruptcy case of General Motors Corporation, now known as Motors Liquidation Company. This appointment is the latest in a series of trustee and administrative roles Wilmington Trust has fulfilled for GM and related parties, both prior to and since GM’s bankruptcy.
In June 2009, when GM filed for Chapter 11 protection in the United States Bankruptcy Court, Southern District of New York, Wilmington Trust was the successor indenture trustee on behalf of creditors who held approximately $23 billion of unsecured debt issued by GM. Wilmington Trust subsequently was appointed to and chaired the unsecured creditors’ committee in the GM bankruptcy.
Now, as trust administrator of the Motors Liquidation General Unsecured Creditor Trust, Wilmington Trust will oversee quarterly distributions of assets to bondholders and other allowed claimants,including the distribution of approximately $6.6 billion in GM stock and warrants to allowed claimants on April 21, 2011. Other tasks include settling claims, filing trust reports with the Bankruptcy Court, and performing other administrative tasks.
“This latest appointment in GM’s bankruptcy case is another indication of our position as a leading global provider of independent trustee and administrative services for corporate clients,” said William J. Farrell, executive vice president and head of CCS.
Wilmington Trust is not a direct holder of debt issued by General Motors Corporation and has no direct credit exposure to General Motors Corporation. Wilmington Trust is paid a fee for providing trust services such as those related to this case. On the unsecured creditors’ committee in the GM bankruptcyand as trust administrator of the Motors Liquidation General Unsecured Creditor Trust, Wilmington Trust was represented by Gibson, Dunn & Crutcher LLP, a leading restructuring law firm in New York City.
Wilmington Trust’s CCS business is a leading provider of trustee and other bankruptcy and corporate restructuring services, and the company has provided services that support several of the largest corporate bankruptcies in American history. In addition to chairing the unsecured creditors’committee in the GM bankruptcy, Wilmington Trust chaired the unsecured creditors’committee in the Lehman Brothers Holdings, Inc., bankruptcy, and served on the unsecured creditors’ committee in the Washington Mutual, Inc., WorldCom, Thornburg Mortgage, General Growth Properties, and Tribune Company bankruptcies, among others.