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69-442: Through its bankruptcy proceeding, GMC became known as Motors Liquidation Company ("MLC") and has since been effectively dissolved. Before its dissolution, MLC was carved into five separate trusts; the first to settle the claims of unsecured creditors (General Unsecured Creditors Trust); the second (RACER) to manage, perform environmental activities at, and ultimately dispose of certain remaining MLC real and personal property assets;

138-648: A 12% stake, the United Auto Workers and Canadian Auto Workers unions with a 17.5% stake, and the unsecured bondholders of General Motors with a 10% stake. "Old GM" was renamed Motors Liquidation Company. A creditor meeting, at the New York Hilton , held by the United States Trustee Program , was scheduled for June 3, 2009. On July 10, 2009, the purchase of the ongoing operational assets and trade name of "old GM"

207-591: A 45-acre portion of the site through a total incentive package worth as much as $ 150.5 million. In March 2022, the IEDC announced that it plans to transition 20 additional acres into a mixed-use development including residential, retail and office spaces. RACER sold its Delco Chassis site in Livonia, Michigan to Ashley Capital in August 2015. The buyer built a 1-million square-foot facility that it leases to Amazon.com as

276-403: A fulfillment center. Over 500 temporary construction jobs were created, and in the summer of 2017, Amazon estimated it would hire more than 1,000 employees to staff the facility. Ashley Capital sold a portion of the same site to Republic National Distributing Company . The wine and spirits distributor is building a 515,000 square-foot development that will serve as both a regional headquarters and

345-455: A goal of understanding the local community's common vision for the optimal re-use of each location. Based on this common vision, RACER determines how best to market the property for sale to prospective buyers. Following these initial steps, RACER published detailed marketing brochures and documents describing the terms for purchase, formally opening the marketing process. Offers for purchase are evaluated by RACER against six criteria set forth in

414-603: A hearing on the transaction on October 26, 2016, in Shreveport. The committee issued a two-page report that included no conclusions or finding of fact, except to note that, “Since the October 2016 meeting, officials with the North Louisiana Economic partnership announced that GLOVIS America, a subsidiary of Hyundai, will open a new distribution center in the former General Motors facility that will result in

483-410: A logistics facility. It is estimated that the company will invest over $ 67 million in the project and need to hire 525 employees. In May 2021, Ashley Capital purchased the remaining 19 acres of the property and constructed a 370,000 sq. ft. speculative industrial building. In November 2016, RACER sold 312 acres of its Willow Run Transmission plant to a partnership that has redeveloped the property into

552-561: A marketable condition, paying property taxes and acting as an economic development partner in pursuit of new investment and job creation. RACER is obligated by terms of the Settlement Agreement to sell its properties at prices that approximate fair market value and that take into consideration the jobs and other economic benefits new projects can bring to auto communities hurt by the GM bankruptcy. The Settlement Agreement described

621-589: A partner in the law firm Crowell & Moring . The Bankruptcy Court appointed EPLET, LLC to a five-year term as administrative trustee when RACER was established in 2011; EPLET, LLC was then reappointed to a second term in 2016 and a third term in 2021. The Settlement Agreement assigns RACER two general roles regarding the former GMC properties in the RACER portfolio. First, RACER manages these properties while under RACER ownership and performs certain environmental cleanup of them where needed, even in some cases after RACER

690-447: A specific plan to create new jobs in those properties while reusing, improving and expanding existing buildings, rather than buyers who intend to dismantle buildings and sell components of the properties they have purchased. Proceeds from property sales or leases are used to pay so-called holding costs at RACER sites, including the property taxes RACER pays on these properties, and maintenance, insurance and security expenses. Proceeds from

759-518: Is guaranteed continuing access to the properties to conduct cleanup work. Budgets for each cleanup were incorporated into the settlement agreement that established RACER Trust. In cases where the established budget is insufficient, RACER Trust has access to supplemental funding with the approval of the signatories to the settlement agreement. RACER begins the redevelopment process for new job-creating uses by meeting with local elected officials, community leaders and economic development organizations, with

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828-852: Is no longer the owner. Second, RACER seeks to sell or transfer the properties for productive or beneficial reuse . RACER is not a government entity but rather an independent trust with the United States of America as its sole beneficiary. On June 1, 2009, General Motors Corporation filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York . On October 9, 2009, Remediation and Liability Management Company, Inc. (“REALM”) and Environmental Corporate Remediation Company, Inc. (“ENCORE”) each filed voluntary petitions for relief under Chapter 11. On July 5, 2009,

897-596: The American Center for Mobility , a state-of-the-art, four-season testing facility for connected and automated vehicles in Ypsilanti Township, Michigan . The facility includes a 2.5-mile test track with ramps, a 700-degree tunnel, and other components necessary to developing and marketing driverless automobiles and related technologies. Prior to this sale, RACER sold 144,000 square feet of former manufacturing space on almost 17 acres of this property for

966-616: The Department of Environmental Protection for the Commonwealth of Pennsylvania (collectively the “States”); the Saint Regis Mohawk Tribe ; and EPLET, LLC, in its capacity as administrative trustee. MLC's portfolio included properties at 89 locations in 14 U.S. states. These properties totaled more than 7,100 acres (2,900 ha) of land and nearly 40,000,000 square feet (3,700,000 m) of structural area. By

1035-588: The Rapid Motor Vehicle Company until being acquired by Old GM in 1909. The buyer built an exclusive community of more than 250 secure private garages set along the 1.5-mile Champion Motor Speedway, also part of the M1 Concourse development. Private garages are individually owned flexible storage and entertainment spaces. A 6,000 square-foot entertainment venue, a restaurant and banquet/event center, and commercial/retail spaces were part of

1104-825: The Saturn brand would be sold to the Penske Automotive Group . GM would continue building the Aura , Outlook and Vue for Penske for two years. However, the Penske deal failed and the Saturn division became defunct. On June 16, 2009, it was announced that Koenigsegg and a group of Norwegian investors planned to acquire the Saab brand from General Motors . GM would continue to supply architecture and powertrain technology for an unspecified amount of time. It also becomes

1173-633: The U.S. Department of the Treasury at the time of RACER's establishment. RACER's goal is to obtain "No Further Action" letters or other such instruments of completion from responsible regulatory agencies for all locations where cleanups were required. To the extent possible, RACER coordinates its cleanups to accommodate the interests of buyers or end users who seek to invest in new industrial or commercial development and job creation. In most cases, RACER properties can be sold for new uses even before environmental cleanups are started or completed, assuming RACER

1242-532: The Adler Group. Now owned by the city, and with the assistance of the RACER Trust, a new marketing strategy for the site was developed. In November 2020, it was announced that Industrial Commercial Properties (ICP) would purchase 6 acres of the site, including its 45,000 square-foot press-prep building, and lease it to Charter Next Generation (CNG) for the manufacturing of specialty bags. In March 2022, it

1311-418: The Adler Group. "We are excited to start the next phase of the project and we are looking forward to working with the community." The company promised to create 500 jobs within five years or pay a $ 1 million fine to the city. Brownfield Communities Development Company represented to RACER and to the community in a Development Agreement dated August 16, 2012, that it intended to seek new tenants to occupy most of

1380-687: The Ambrose Property Group in March 2018. The property was once home to the 2.2-million square-foot General Motors Indianapolis Metals Center. RACER razed the vast majority of the structures on site prior to selling to Ambrose. Ambrose's site plan included a mixed-use development along the White River that could require some 1,000 temporary construction jobs, 900 permanent jobs, and more than $ 500 million in project investments over 10 to 15 years. The City of Indianapolis did not perform under

1449-630: The Brownfield Communities Development Company, a joint venture between Hilco and the Adler Group, for the sale of the former Ontario Stamping plant, a 2.5-million-square-foot manufacturing facility in Ontario, Ohio . The sale was completed in December 2012. "We are taking an obsolete single-tenant facility and turning it into a modern multi-tenant business generator,” said Michael M. Adler , CEO and Chairman of

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1518-570: The IDB, is responsible for all of the property's marketing, maintenance and upkeep. Local elected officials who initially were supportive of Elio Motors began to publicly criticize the deal as Elio Motors continued to miss start-of-production targets, citing lack of capital. In particular, Caddo Commissioner Matthew Linn and Louisiana State Rep. Cedric Glover, a prominent supporter of Elio Motors during his time as mayor of Shreveport, levied false allegations — Commissioner Linn that RACER threatened to demolish

1587-726: The Motors Liquidation Company General Unsecured Creditors Trust under the symbol MTLQU. On the morning of June 1, 2009, Chevrolet-Saturn of Harlem , a dealership in Manhattan that was owned by GM itself, filed for bankruptcy protection there, followed in the same court by General Motors Corporation (the main GM in Detroit), GM's subsidiary Saturn LLC , and Saturn LLC's subsidiary Saturn Distribution Corporation. All cases were assigned to Judge Robert Gerber . The filing by

1656-664: The SUV and trucks produced by the plant. There were no plans to reconfigure the plant to produce other products. The last vehicle that rolled off the line was a white GMC Envoy . Workers at the plant in Moraine were given a letter on October 3, 2008, informing them that the plant would close in December. It stated that the final day of production would be December 23. At that time, the plant employed 2,400 people. Originally, General Motors had planned several shutdown weeks in December. However, Lee said there would be no temporary shutdowns and

1725-439: The Settlement Agreement that resulted in RACER's creation. RACER also may consider additional factors, in its sole discretion, when assessing whether these criteria have been best satisfied by a particular offer. While purchase price will be evaluated, RACER also must consider each offer's ability to create jobs and generate new economic opportunity in the communities hurt by the GM bankruptcy. RACER strongly prefers buyers who have

1794-624: The United States Barack Obama made a speech from the White House four hours and three minutes after the court filing. The General Motors bankruptcy case was formally entitled In re General Motors Corp. , case number 09-50026 in the Southern District, Manhattan, New York. General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury and an ad hoc group of

1863-674: The United States. From 2018 to 2021, the firm purchased all or portions of five former RACER properties in Pontiac, including the 1.2 million sq. ft. Pontiac Centerpoint Campus – Central. While retrofitting the facility to house thousands of new UWM employees, a massive skywalk was constructed to connect the property with UWM’s headquarters to the north of South Boulevard. It is estimated that more than UWM now employs more than 9,000 workers throughout Pontiac. RACER sold its 103-acre Indianapolis Stamping Plant site in Indianapolis, Indiana to

1932-400: The bankruptcy court approved the sale of the old GMC's good assets to a new General Motors Company (“New GM”). Following the sale of assets, the old GMC was renamed Motors Liquidation Company (“MLC”). The new GM did not purchase all plant locations, and most that remained with MLC were transferred to the RACER Trust for environmental remediation in preparation for sale or transfer. Parties to

2001-453: The bondholders of General Motors Corporation were also represented in court. One of the first motions filed in court was to void the leases on the seven corporate jets, and corporate aircraft hangar at Detroit Metropolitan Wayne County Airport, which the company said were no longer valuable to the company's business. A GM spokesman said that the company had found itself unable to escape the lease in 2008 when it had tried to. On June 1, 2009,

2070-504: 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

2139-495: The company will spend approximately $ 7.2 million developing the site and create 150 new jobs. In August 2018, RACER sold its 80-acre vacant industrial lot in Ewing Township, New Jersey to Atlantic Realty. The buyer is redeveloping the property into a mixed-use township center including 14,000 sq. ft. of commercial space and 90,000 sq. ft. of residential space. In August 2012, RACER announced it had reached agreement with

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2208-501: The company's innovative three-wheel, gas-powered vehicles. The deal was restructured to enable purchase of the facility by the Caddo Parish Industrial Development Board (IDB) in December 2013, with a master lease provided to Industrial Realty Group (dba Shreveport Business Park) and a secondary lease provided to Elio Motors. Shreveport Business Park, in addition to making monthly lease payments to

2277-641: The consent decree and settlement agreement that established the RACER Trust included MLC, REALM, and ENCORE (collectively the “debtors”); the United States of America ; the states of Delaware , Illinois , Indiana , Kansas , Michigan , Missouri , New Jersey , New York , Ohio , Virginia and Wisconsin ; the Louisiana Department of Environmental Quality , the Massachusetts Department of Environmental Protection ; and

2346-648: The court gave interim approval to GM's request to borrow $ 15 billion as debtor-in-possession financing , the company only having $ 2 billion cash in hand. The United States Treasury had argued in court that it was the only source of such debtor in possession funding, and that without the money from the loan General Motors would have no option but liquidation . Other motions in the first-day hearing included motions to approve payments to key suppliers and to employees and distributors who are in possession of goods manufactured for General Motors. All motions passed in court without substantial objection. The case schedule laid out by

2415-458: The court was as follows: On June 1, 2009, GM announced that the Hummer brand would be discontinued. The following day GM announced that it had reached a deal to sell the brand to an undisclosed buyer. Later, on June 2, 2009, the buyer was disclosed to be Chinese road equipment manufacturer Tengzhong . Tengzhong itself confirmed the deal on their website the same day. The proposed transaction

2484-622: The courts in Michigan or Delaware , where it is incorporated. General Motors' attorneys, however, preferred to file in the federal courts in New York, because those courts have a reputation for expertise in bankruptcy. In a press conference that began four hours and eighteen minutes after the filing, the GM Chief Executive Officer, Fritz Henderson , stressed that he intended for the bankruptcy process to move quickly. In addition to Henderson's press conference, President of

2553-499: The creation of 800 jobs. One year later this jumped to $ 360 million in investment and 1,550 jobs. One year after that, Fuyao announced its labor need had risen to a total of 2,400 workers at this facility. A total of 622 temporary construction jobs also were created. In July 2016, Fuyao announced it is leasing an additional 241,000 square feet of the plant in a 15-year agreement with IRG. Fuyao's chairman, Cho Tak Wong, said it expects to have more than 3,000 employees at this site sometime in

2622-876: The criteria that RACER, at a minimum, must consider when selling properties. These criteria include: The Settlement Agreement does not require any particular weighting of the factors. Although the effects of a proposed sale on the states and localities are to be considered — and are considered — by RACER, these entities are not beneficiaries of RACER. Its sole beneficiary is the United States Government. RACER sold two of its properties, Moraine Industrial Land and Moraine Assembly Plant, to Industrial Realty Group (IRG) in June 2011. The adjacent sites totaled more than 3.3 million square feet of factory space on 379 acres of land in Moraine and Kettering , Ohio . In one of

2691-489: The dealership declared General Motors to be a debtor in possession . 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. Normally for such cases, the company would have filed in the courts located in the state(s) where the company is incorporated, or where it conducts operations, which for Detroit -headquartered General Motors would have been

2760-461: The end of 2020. MLC exited bankruptcy on March 31, 2011, and was immediately carved into four separate trusts; the first to settle the claims of unsecured creditors of MLC (General Unsecured Creditors Trust); the second ( RACER ) to manage, perform environmental activities at, and ultimately dispose of certain remaining MLC real and personal property assets; the third to manage asbestos-related claims against MLC (Asbestos Personal Injury Trust); and

2829-405: The first to settle the claims of unsecured creditors , 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. Motors Liquidation Company's stock symbol was changed from GMGMQ to MTLQQ, effective July 15, 2009. MTLQQ stock was cancelled. Its unsecured creditors were issued stock for

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2898-511: The fourth for litigation claims against MLC (Action Avoidance Trust). Moraine Assembly Moraine Assembly was a General Motors automobile factory in Moraine, Ohio , United States, a suburb of Dayton . A Frigidaire appliance plant had originally operated on the site from 1951 to 1979. Starting in 1981, the Chevrolet S-10 small pickup was produced. This same model was produced by Shreveport Assembly . In 1987 through 1994

2967-482: The future. IRG leases portions of the sites to other auto- and non-auto related manufacturers. In September 2013, RACER sold its 74-acre Kansas City, Kansas holdings to NorthPoint Development. The buyer named the site Central Industrial Park and prepared it for new industrial development. In 2015, NorthPoint developed a 74,000 square-foot, $ 10 million build-to-suit facility that was purchased by Plastic Omnium Auto Inergy, which manufactures plastic fuel tank systems for

3036-523: The intact building. In a letter dated April 12, 2013, Michael M. Adler, president of Ontario Business Park LLC, requested approval from the City of Ontario for demolition of the buildings on the property. The request was approved by the Ontario City Council and the buildings were demolished and sold for scrap. Brownfield Communities Development Company claimed that its marketing of the property

3105-491: The largest holders of industrial property in the United States. When it was formed, RACER was the largest environmental response and remediation trust in U.S. history. RACER is headquartered in Detroit, Michigan. Its administrative trustee is EPLET, LLC, the managing member of which is Elliott P. Laws, a former assistant administrator of the U.S. Environmental Protection Agency's Office of Solid Waste and Emergency Response and

3174-488: The largest international deals in Ohio's history, Fuyao Glass America purchased 1.5 million square feet of manufacturing space from IRG. The company, now the largest auto glass manufacturer in the world, supplies customers such as General Motors , Ford , and Honda . The plant also serves after-market glass suppliers, which includes companies such as Safelite AutoGlass. Fuyao originally pledged $ 230 million in investment and

3243-434: The last brand/subsidiary from GM to be sold ( Hummer was first, followed by Saturn ). The deal failed on November 24, 2009. GM, however, requested Spyker Cars to acquire Saab from MLC a few weeks later. But however, MLC announced it would close Saab on December 19, 2009, although this plan was later reversed. Motors Liquidation Company had until January 7, 2010, for the deadline of the revised bid. The sale of Saab to Spyker

3312-579: The nearby General Motors Fairfax Assembly Plant . The manufacturer employs approximately 200 new workers. NorthPoint then constructed an 842,000 square-foot speculative building that General Motors Company occupies under a long-term lease. This $ 55 million development now employs approximately 500 new workers. Additional areas of the site are planned for redevelopment. In August 2014, RACER sold two of its Pontiac, Michigan properties, PCC Validation I and PCC Validation II, to M1 Concourse, LLC. The two adjacent sites comprised 86 acres of vacant land once owned by

3381-400: The nearly $ 70 million investment. RACER sold its 3.6-acre commercial lot in downtown Pontiac to George W. Auch Company in 2017, which was relocating its construction business headquarters. The 20,000 sq. ft., LEED-certified hub was completed in 2018. Approximately 50 employees moved to the new office space. United Wholesale Mortgage is one of largest wholesale mortgage lending companies in

3450-596: The newly relocated Yankee Air Museum , which suffered a devastating fire at its previous location in 2004. Old GM owned a single property in Virginia, located near Fredericksburg in Spotsylvania County , which RACER took possession of as part of Old GM's bankruptcy. The 265,000 square-foot manufacturing facility and 76 acres of land were sold by RACER to idX Corporation in May 2017. It was reported in 2017 that

3519-572: The plant if the Caddo Parish IDB did not purchase it, and Rep. Glover that the sale of the plant prevented other prospects from leasing or purchasing the plant. Rep. Glover sponsored a House resolution requesting “the House Committee on Commerce to study the state of the automotive manufacturing industry in the state of Louisiana since the onset of the most recent worldwide economic downturn.” The House Committee on Commerce convened

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3588-556: The plant produced the rolling chassis for the Grumman LLV Postal Vehicle. From 2001 through 2008, the plant produced the GMT360 SUVs . The plant was closed in December 2008. In 2014, the facilities were acquired by Fuyao Glass to produce glass for vehicles. On June 3, 2008, GM Chairman Rick Wagoner announced that the Moraine plant would close in December, citing high fuel prices and decreased demand for

3657-539: The plant would operate until December 23. IUE-CWA President Jim Clark said, "IUE-CWA is deeply disappointed in General Motors’ refusal to keep the Moraine Assembly plant open. The announcement that the plant will be closed much earlier than initially stated will further hurt our members, their families and a Dayton community already rocked by plant closings and layoffs." In 2014, GM Moraine Assembly

3726-482: The production of 75,000 vehicles annually and the creation of 400 new positions in north Louisiana.” In 2017, the Louisiana House authorized the creation of a subcommittee of the House Committee on Commerce “to further examine certain matters relative to the (RACER Trust’s) fulfillment of fiduciary duties concerning the former General Motors Shreveport plant.” A report of the subcommittee was due 30 days before

3795-534: The project agreement and consequently Ambrose abandoned these plans and listed the property for sale. In September 2019, Ambrose sold 12 acres of the property to the neighboring Indianapolis Zoo . In November 2020, Ambrose sold the remaining 91 acres of the property to the Indiana Economic Development Corporation (IEDC). Soon thereafter, the state announced Elanco Animal Health would be relocating its global headquarters to

3864-478: The properties carried environmental obligations, including four sold by MLC prior to RACER Trust's creation. RACER Trust is responsible for conducting safe, effective cleanups of legacy environmental contamination resulting from previous operations at 60 former GM locations. The cleanups are conducted with the approval and oversight of state and federal regulatory agencies and funded by the principal and investment income from nearly $ 500 million that RACER received from

3933-455: The property, issued a Covenant Not to Sue to RACER in April 2016, certifying the completion of environmental cleanup at the property. In August 2017, the Ontario City Council sent a notice of default of completion to the Adler Group. After lengthy discussions, the two parties agreed to transfer title of the entire property to the city in exchange for the return of a $ 1 million deposit in escrow to

4002-684: The sale or lease of RACER properties are transferred to RACER's Administrative Funding Account, from which RACER pays its day-to-day expenses. RACER is self-sustaining, and the anticipated proceeds from the sale or lease of properties were factored into the ongoing operations of RACER at the time of its creation. Thus, donation of property as a redevelopment strategy is precluded. RACER does not invest directly in redevelopment (for example, by providing funding to offset infrastructure improvement costs) or otherwise pay third-party expenses (for example, for consultants to evaluate redevelopment proposals). RACER invests in local communities by maintaining properties in

4071-480: The start of the 2018 Regular Session of the Legislature of Louisiana. No report was issued. Motors Liquidation Company 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;

4140-427: The third to manage asbestos-related claims (Asbestos Personal Injury Trust); the fourth for litigation claims (Action Avoidance Trust); and the fifth for general unresolved GMC matters (MLC Debtor In Possession Lenders Trust). At its inception, RACER's portfolio included properties at 89 locations in 14 states, comprising 358 individual parcels and more than 7,000 acres of primarily industrial land, making RACER one of

4209-404: The time MLC's assets were transferred to RACER Trust, MLC had sold six properties outright and a portion of a seventh. While RACER Trust was conveyed the remaining properties, it was transferred the environmental cleanup and monitoring responsibilities of all properties that required environmental remediation and long-term monitoring, regardless of whether the property had changed ownership. Sixty of

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4278-557: Was approved on January 26, 2010, and completed on February 23, 2010. Since the early 1990s, GM had been trying to close dealership locations under its Project 2000. At the time, GM had about 9,000 franchise dealers nationwide, most selling a single brand. Many of these locations sold few vehicles and supporting them was costly for GM. Under Project 2000, GM would eliminate or relocate dealerships, and also focused on establishing multi-brand locations, selling Buick, Pontiac and GMC vehicles or Cadillac, Hummer and Saab vehicles. The program

4347-622: Was completed and the purchasing entity, "NGMCO Inc", changed its name to "General Motors Company LLC." The new GM held an IPO on November 17, 2010, that raised an estimated $ 20.1 billion. By December 2013, the US government sold the last of its GM stock. By February 2015, the Ontario government sold the last of its 4% stake in GM, and by April 2015, the Canadian federal government sold the last of its own 8% GM stake. The "new" GM acquired most of

4416-607: Was controversial with dealers, many who didn't want to close their dealership or sell their franchise rights. However, Section 363 of the Federal Bankruptcy Code allowed GM to force thousands of dealerships to forfeit their franchise rights. Dealers accused GM of fraud and theft and formed the Committee to Restore Dealer Rights . The group helped draft HR 2743 in 2009, which asserted the action taken by GM to consolidate its dealer network without compensation

4485-450: Was illegal. However, HR 2743 died in committee, and was never reintroduced. GM's assets were sold in a section 363 sale . 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. 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

4554-650: Was purchased from IRG by China-based Fuyao Glass Industry Group Co. Ltd. Fuyao manufactures automotive glass for GM and other automakers. Operations at the Fuyao plant began in late 2015. Fuyao Glass America's first customer was Hyundai Motor Company ; additional clients added since startup include GM, Volkswagen , Fiat Chrysler , BMW , Honda , and US replacement-glass chain Safelite . The Fuyao plant employs over 2,000 workers. Carillon Historical Park in Dayton displays

4623-493: Was reported that a 90,000-sq. ft. addition would be constructed to expand CNG’s operation. At the same time, ICP unveiled plans to the Ontario City Council for a new 32-foot-high, 250,000 to 300,000-sq. ft. speculative industrial building. In January 2013, RACER and Elio Motors announced that Elio Motors would purchase the former Shreveport Operations plant in Caddo Parish, Louisiana and hire 1,500 people to manufacture

4692-549: Was scheduled to close in the third quarter of 2009, subject to customary closing conditions and regulatory approvals; financial terms of the agreement were not disclosed. Chinese regulators refused to allow for the purchase of the brand and GM decided on February 24, 2010, to retire the brand. Despite the failed sale, GM discussed entertaining interest in part of the Hummer brand, subsequently made no effort in that direction, leaving Hummer to close. On June 5, 2009, GM announced that

4761-412: Was thwarted by ongoing environmental activity at the property, despite never having raised the environmental conditions as a potential impediment when purchasing the property and despite ample examples of RACER properties that were purchased and redeveloped while environmental activities were ongoing. The Ohio Environmental Protection Agency , the regulatory agency that oversaw RACER's cleanup activities at

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