MoreOn Wednesday, Oct. 20, 2010, the Obama administration, along with 14 states, announced an agreement with the bankruptcy estate of General Motors to perform cleanup activities at the factories that were closed during the reorganization efforts to save the company.
The estate – Motors Liquidation Co. – will set up a trust fund with at least $641.4 million in cash along with about $120 million in non-cash assets to be used to remediate the properties for beneficial use to the respective communities. While the court still must approve the settlement, it is expected to come soon so that work can get under way.
"Ultimately, this is about jobs because as these sites are redeveloped, they will be attractive for new investment and new job creation," said Ohio Gov. Ted Strickland. About $39 million is set aside for five former GM manufacturing plants in Ohio.
Michigan led the list with 56 locations set for cleanup activity. The other states on the list of cleanup projects were Delaware, Illinois, Indiana, Kansas, Louisiana, Massachusetts, Missouri, New Jersey, New York, Ohio, Pennsylvania, Virginia and Wisconsin.
The estate – Motors Liquidation Co. – will set up a trust fund with at least $641.4 million in cash along with about $120 million in non-cash assets to be used to remediate the properties for beneficial use to the respective communities. While the court still must approve the settlement, it is expected to come soon so that work can get under way.
"Ultimately, this is about jobs because as these sites are redeveloped, they will be attractive for new investment and new job creation," said Ohio Gov. Ted Strickland. About $39 million is set aside for five former GM manufacturing plants in Ohio.
Michigan led the list with 56 locations set for cleanup activity. The other states on the list of cleanup projects were Delaware, Illinois, Indiana, Kansas, Louisiana, Massachusetts, Missouri, New Jersey, New York, Ohio, Pennsylvania, Virginia and Wisconsin.
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