DETROIT -

The old General Motors is nearly finished with the bankruptcy process.

The U.S. Bankruptcy Court for the Southern District of New York orally ruled late last week that it would confirm the Chapter 11 Plan of Motors Liquidation Co., which is often referred to as the Old GM.

The court indicated it also would issue a written decision confirming the same shortly.

Also included in the confirmation ruling are:

—MLC of Harlem (formerly known as Chevrolet-Saturn of Harlem)

—MLCS (formerly known as Saturn)

—MLCS Distribution Corp. (formerly known as Saturn Distribution Corp.)

—Remediation and Liability Management Co.

—Environmental Corporate Remediation Co.

Al Koch, chief executive officer of MLC emphasized this Chapter 11 case is one of the largest and most complex bankruptcy cases in U.S. history. Koch contends confirmation of the plan paves the way for the implementation of a unique trust structure that will continue environmental remediation, claims resolution and stock distribution to unsecured creditors.

“Confirmation of the plan is a testament to the fact that creative approaches to old challenges coupled with a dedicated team working closely with federal and local governments, regulatory bodies, communities and creditors, can create unique solutions in a relatively short period of time,” Koch declared.

“This marks the historic completion to an incredibly complex bankruptcy, and I believe history will regard this case as the benchmark for large industrial bankruptcies in the future, especially when it comes to environmental remediation, asset liquidation and claims resolution,” he continued.

The plan creates four trusts, and one — the General Unsecured Creditors Trust — is designed to be responsible for resolving the outstanding claims of the debtors’ unsecured creditors and distributing GM outstanding common stock and warrants owned by MLC to those unsecured creditors whose claims are allowed. Officials indicated MLC presently owns 10 percent of GM’s common stock, plus warrants that are exercisable for a further 15 percent of GM’s common stock on a fully diluted basis.

Furthermore, officials pointed out MLC’s interest includes 150 million shares of common stock, a warrant to acquire 136.4 million shares at $10 per share and a warrant to acquire 136.4 million shares at $18.33 per share.

MLC insisted claims resolution was a key focus. The company thinks it successfully negotiated the resolution of nearly 85 percent of the $275 billion in claims that were filed against the company since it filed for bankruptcy in June 2009.

MLC executives explained they leveraged unique technological solutions provided by AlixPartners in order to manage the treatment of more than 750,000 contracts and the analysis of more than 70,000 claims.

“This Web-enabled collaboration considerably enhanced the efficiency and effectiveness of the process,” MLC stated. “This was combined with extensive and collaborative negotiations for claims at numerous federal and state EPA Superfund sites.”

Additionally, officials mentioned the Environmental Remediation Trust crafted by MLC in conjunction with federal, state and local regulators provides $536 million, subject to adjustment as provided for in the settlement agreement, for the continuing environmental remediation of remaining properties, for as long as 100 years in some cases. They noted ERT’s assets consist of cash, remaining unsold real properties and the equipment that is located at those properties.

“The ERT is a unique structure as compared to the traditional large environmental bankruptcy in that it provides an overall ‘national’ remediation solution backed by significant funds, while also providing a strong voice to the states involved in the process,” explained Ted Stenger, executive vice president of MLC.

“It is nearly impossible to redevelop such properties for productive, job-creating purposes unless environmental remediation is complete or the buyer can be assured the funding exists,” Stenger went on to say. “The plan provides this assurance and has contributed to the sale or agreement to sell more than a dozen MLC properties.”

MLC noted that it anticipates that the majority of the environmental remediation contemplated in the ERT should be completed or well underway within five years, and that the ERT will have adequate funding to bring facilities to regulatory closure.

Officials added a third trust will handle both present and future asbestos-related claims against the debtors, while a fourth trust will deal with certain litigation-related claims of the debtors.

Finally, MLC asserted another significant accomplishment has been the aggressive real estate sales during the bankruptcy process.

Although environmental remediation has been a need at many of the sites under MLC’s control, MLC believes its asset-sales team, working closely with federal and state governments and local communities, has been able to recently sell or secure sales agreements for 11 properties including:

—Pittsburgh Stamping

—Moraine (Ohio) Assembly

—Grand Rapids (Mich.) Stamping

—Parma (Ohio) complex and land

—Pontiac (Mich.) Assembly

—Pontiac Centerpoint Central

—Pontiac Centerpoint West

—Pontiac Site 15

—Pontiac Site 17

—Pontiac Site 25

—Pontiac building

Officials indicated these new sales are in addition to previously announced sales at facilities such as:

—Wilmington (Del.) Assembly, sold to Fisker Automotive Inc. for the production of hybrid electric vehicles.

—Pontiac (Mich.) Centerpoint Campus, sold to Raleigh Studios Inc. for the creation of a movie studio supporting Michigan’s film industry.

—Strasbourg (France) Powertrain, sold to GM and saving approximately 1,200 jobs.