According to foreign reports, the old General Motors recently closed the Livonia plant will be idle equipment in the auction.
The duration of the auction up to 10 hours. GM plans to the next two years old and a series of auctions designed to eliminate the new GM bankruptcy reorganization since 2009, the aftermath left by the non-performing assets.
The auction location is Livonia plant, and global buyers can bid via webcast. Livonia factory area of 100 square feet, and others who have high-end car Cadillac Northstar engine production. The auction is only an object factory equipment, not including plant construction.
Old GM spokesman declined to receive the money in the auction.
It is planned that the second auction will be held on November 4, held at the Pontiac plant.
This year in August, the old General submitted to the U.S. Bankruptcy Court in Manhattan bankruptcy restructuring plan, plans to establish four issues facing the trust funds, and hope the first quarter of next year approved.
August 31, the old general said in a statement that if the U.S. bankruptcy court approved the submission of a restructuring program the company's assets and liabilities that will be placed in four trust funds. One of the common trust fund will address the old site's environmental clean-up expenses, the other common trust funds held by old and new GM will allocate shares to accept the conditions GM bankruptcy unsecured creditors.
Old and the new General Motors GM holds 10% equity interest, plus 15% of the fully diluted warrants debts. If no claims of secured creditors to reach a certain level, the old GM will receive an additional 2% of new common shares.
