AutoBlog reports that Motors Liquidation Co., the entity that assumed GM’s liabilities and unwanted assets in the automaker’s bankruptcy proceedings, assumed GM’s polluted sites, but does not have the money to pay for cleanup.
Before bankruptcy, GM estimated it had $1.9 billion in environmental issues and litigation liabilites. Motors Liquidation Co., though, has only about $1.2 billion to manage the entire wind-down of its affairs — and as one might expect, attorneys handling the matter are expected to get a huge chunk of that. The figure to clean up sites in places like Buick City, Michigan and Massena, New York has been pegged at $530 million. However, the way it’s looking, there won’t be anywhere near that much money to get the job done.
(Hat tip: Instapundit)