bankruptcy code 363 sale

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Will I lose my shares in GM, when it split into two companies?

The preparations include selling looking at a so-called 363, a reference to a Section of Chapter 11 bankruptcy code, which would lead to the creation of a new car manufacturers in the assets and brands of GM, the promotion of the company's chances of survival. If the shares 'transfer' to the new company?

Ignore the other posters who speak more than your other shares. They are about a Business talk "spin off" as that has nothing to do with this case. A 363 with sales, some investors get together and create a new Car Company with their money want to buy the assets, including the brand names of GM than they do. NCC is now in business with GM factories and patents and designs. The old GM shareholders nothing to do with the NCC, they nor their their shares of GM, which has the money from the sale and the old unpaid debts and assets of the garbage that NCC do not want to buy. The garbage Assets will probably be sold for scrap and the entire cash will be distributed among the creditors. This is called a liquidation. At this point there is nothing left GM and the GM stock is canceled and the old shareholders get nothing. Then the name is available and NCC can be renamed "General Motors". It I'm sorry to say that your shares are essentially worthless as the moment. If this goes forward, they will oficcially worthless.

Professor LoPucki at Congress On Auto Bankruptcies

A Comparison Shopping Guide for 363 Sales $35.00 In today’s economic climate, sales conducted in bankruptcy are, or are soon to be, a shopping-lover’s paradise for the bargain-hunter. The best deals, however, will go to the most informed. The Comparison Shopping Guide for 363 Sales provides an in-depth review and analysis of asset sales approved pursuant to §363 of the Bankruptcy Code in various industries and in numerous jurisdictions acro…

Overbid procedures in Section 363 auctions under the U.S. Bankruptcy Code …