Sale of good assets to New GM
GM's assets were sold in a section 363 sale.[8][25][26][27][28] Because the price that these assets were expected to sell for was very high, there was expected to be only one bidder in the auction, a new company NGMCO Inc.[29] This company had been formed by the United States government with a 60% stake, the federal government of Canada and provincial government of Ontario with a 12% stake, the United Auto Workers and Canadian Auto Workers unions[30] with a 17.5% stake, and the unsecured bondholders of General Motors with a 10% stake.[8] "Old GM" was renamed Motors Liquidation Company.[31]
A creditor meeting, at the New York Hilton, held by the United States Trustee Program, was scheduled for June 3, 2009.[10]
On July 10, 2009, the purchase of the ongoing operational assets and trade name of "old GM" was completed and the purchasing entity, "NGMCO Inc",[29] changed its name to "General Motors Company LLC."[31][32] The new GM held an IPO on November 17, 2010, that raised an estimated $20.1 billion.[33]
By December 2013, the US government sold the last of its GM stock.[34] By February 2015, the Ontario government sold the last of its 4% stake in GM,[35] and by April 2015, the Canadian federal government sold the last of its own 8% GM stake.[36]
The "new" GM acquired most of the brands and the good assets of the old GM, including the Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Pontiac, SAIC-GM, SAIC-GM-Wuling, and Vauxhall brands. Pontiac was quickly phased out by October 31, 2010, GM Daewoo was renamed GM Korea in 2011 and the Daewoo brand was retired, Opel and Vauxhall were sold to Groupe PSA in 2017, and Holden was closed by the end of 2020.
