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'Old GM' To Pay $50.6 Million For Environmental Slip-Ups

Tue, 03/08/2011 - 4:06am

DETROIT (AP) — The U.S. Attorney's Office and the Environmental Protection Agency have reached a $50.6 million deal to settle some environmental claims against the old General Motors Corp.

The deal covers 34 sites in 11 states. It brings the settled environmental claims against old GM to more than $800 million, but more claims remain.

General Motors was split into two companies when it emerged from bankruptcy protection in July of 2009. Old GM, now called Motors Liquidation, got much of GM's debt and its closed factory sites.

Under the deal, the EPA will get more than $36 million worth of environmental claims. They'll be paid from the sale of stock and warrants in the new General Motors and bonds posted by the Old GM to cover cleanup work.

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