GM gets to dump its polluted sites

This is one apparent up-side for GM after basically becoming Government Motors. They can walk away from all those legal claims against it, including the ones brought by the government, their new owners.

From Freep.com

When General Motors Co. emerged from bankruptcy, it was freed of obligations for polluted properties at discarded plant sites that will require millions of dollars to clean up.// Advertisement

GM’s unusual, government-engineered bankruptcy allowed the Detroit automaker to emerge as a new company — and to shed billions in liabilities, including claims that governments had against GM for polluting.

Environmental liabilities estimated at $530 million were left with the old GM, which has only $1.2 billion to wind down.

Read the rest:

http://www.freep.com/article/20090807/BUSINESS01/908070382

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