Wilmington Trust to Serve as Trust Administrator in General Motors Bankruptcy Case
26 Avril 2011 - 7:33PM
Business Wire
Wilmington 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 bankruptcy and 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.
In addition to providing bankruptcy and restructuring services,
CCS offers institutional trustee, agency, asset management,
retirement plan, and administrative services for clients worldwide
who use capital markets financing structures, as well as those who
seek to establish or maintain nexus, or legal residency, for
special purpose entities. Because Wilmington Trust does not
underwrite securities offerings or provide investment banking, it
is able to deliver corporate trust services that are free from
those conflicts of interest.
About Wilmington Trust
Wilmington Trust Corporation (NYSE: WL) is a financial services
holding company that provides Regional Banking services throughout
the mid-Atlantic region, Wealth Advisory Services for
high-net-worth clients in 33 countries, and Corporate Client
Services for institutional clients in 90 countries. Its wholly
owned bank subsidiary, Wilmington Trust Company, which was founded
in 1903, is one of the largest personal trust providers in the
United States and the leading retail and commercial bank in
Delaware. Wilmington Trust and its affiliates have offices in
Arizona, California, Connecticut, Delaware, Florida, Georgia,
Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey,
New York, Pennsylvania, South Carolina, Vermont, the Cayman
Islands, the Channel Islands, London, Dublin, Frankfurt,
Luxembourg, and Amsterdam.
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