GM would continue to supply architecture and powertrain technology for an unspecified amount of time.
GM, however, requested Spyker Cars to acquire Saab from MLC a few weeks later.
The sale of Saab to Spyker was approved on January 26, 2010, Pontiac remained with GM into the new GM, but it was phased out on October 31, 2010.
The Manhattan dealership's filing allowed General Motors to file its own bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York, its preferred court.
Motors Liquidation Company (MLC), formerly General Motors Corporation, was the company left to settle past liability claims from Chapter 11 reorganization of American car manufacturer General Motors.
It exited bankruptcy on March 31, 2011, only to be carved into four trusts; the first to settle the claims of unsecured creditors (OTC Pink: MTLQU), the second to handle environmental response for MLC's remaining assets, a third to handle present and future asbestos-related claims, and a fourth for litigation claims.
Section 363 of the Federal Bankruptcy Code expedited General Motors Project 2000 efforts to reduce its dealer network and circumvent state and federal criminal laws prohibiting the illegal sale of property, or transfer of ownership by an unauthorized party.
Thousands of family-owned, [profitable], well-capitalized dealerships were forced to forfeit their franchise rights to a neighboring dealer-competitor selected by General Motors.