July 10, 2009 2:26 PM

GM Bankruptcy Molts into Motor Liquidation, Vehicle Acquisition

Posted by Brian Baxter

Almost a month after Chrysler completed its metamorphosis, General Motors is poised to do the same as it sheds its Chapter 11 training wheels for life as a new, debt-free auto manufacturer.

At 6:30 this morning representatives from the U.S. government and GM signed documents at the offices of GM's bankruptcy counsel at Weil, Gotshal & Manges, completing the automaker's exit from Chapter 11 in a mere 40 days.

The 'old GM' has become the Motor Liquidation Company. The Web site set up for GM's bankruptcy proceedings, gmcourtdocs.com, has molted into motorsliquidationdocket.com. Most of MLC's assets, such as Hummer, Opel, Pontiac, and Saturn, have either been sold are in the process of being sold.

The new entity emerging from bankruptcy acquiring select assets from MLC is temporarily being called Vehicle Acquisition Company. But before you get ready to step into a VAC today, know that 'new GM' intends to keep both its old name and logo. (Corporate CMOs seem to think that's a good idea.)

What the company hopes to change is the way that it used to do business.

Time will tell whether that effort proves successful or stalls out.

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