Corporate Commercial Bank Begins Payments to Creditors After 10-Year Bankruptcy
Trustees of Corporate Commercial Bank (CCB), currently in bankruptcy, announced the commencement of payments to creditors starting at 09:00 on November 5, 2024
US court has approved a bankruptcy plan for car giant GM, which allows the firm to transfer its profitable assets to a new government-backed company.
Judge Robert Gerbert announced the decision late Sunday, saying the sale would prevent "the death of the patient on the operating table", the BBC reported.
GM filed for bankruptcy protection on June 1, saying it would be forced to liquidate if the plan was not approved.
The new streamlined General Motors will be 60% owned by the US government.
"If GM liquidates, there will not only be nothing for stockholders - there will be nothing for unsecured creditors", Judge Gerbert said in a 96-page opinion.
In effect, a new, smaller GM is being created with a reduced workforce.
The firm is getting USD 60 B in financing from the US Treasury, which gives the US government a 60% share in the "new" GM, while the United Auto Workers union would have 17,5%.
Canada's government would have a 12% share, and GM bondholders would own about 10% in the new company.
The new firm is set to be launched in mid-July.
US Vice President JD Vance delivered a critical speech at the Munich Security Conference
US Defense Secretary Pete Hegseth stated that Europe cannot indefinitely rely on the US military presence
The NATO defense ministers' meeting in Brussels and the Munich Security Conference have drawn significant attention this week, with US President Donald Trump's approach to Ukraine and Russia
On the night of February 13-14, a Russian loitering munition carrying a high-explosive incendiary warhead struck the shelter of the 4th reactor at the Chornobyl Nuclear Power Plant
US Vice President JD Vance has indicated that Washington may impose sanctions and potentially take military action against Russia if President Vladimir Putin refuses to negotiate a peace deal ensuring Ukraine's long-term independence
Bosnian Serb leader Milorad Dodik has once again called for Republika Srpska to separate from Bosnia and Herzegovina
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