ON MARCH 29, 2011, THE U.S. BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF NEW YORK APPROVED AND ENTERED A CONSENT DECREE AND ENVIRONMENTAL SETTLEMENT AGREEMENT (AGREEMENT) IN CONNECTION WITH THE MOTORS LIQUIDATION COMPANY, ET AL, F/K/A GENERAL MOTORS CORP. ET AL. (MLC/GM) ARE RESOLVED AT FIFTY-SIX NON-OWNED SITES AND FACILITIES. THE UNITED STATES, ON BEHALF OF EPA, WILL RECEIVED AN ALLOWED GENERAL UNSECURED CLAIM. THE AGREEMENT ALSO PROVIDED FOR A TOTAL CASH OUT FROM FULLY-COLLATERALIZED BONDS, AND WORK IN ACCORDANCE WITH BOND REQUIREMENTS. IN ADDITION, THREE PRP GROUPS WILL RECEIVE ALLOWED GENERAL UNSECURED CLAIMS.
ON MONDAY, JANUARY 30 2012 THE UNITED STATES LODGED A CONSENT DECREE AND SETTLEMENT AGREEMENT (BANKRUPTCY SETTLEMENT) WITH THE U.S. BANKRUPTCY COURT OR THE SOUTHERN DISTRICT OF NEW YORK RESOLVING CERTAIN SUPERFUND CLAIMS BROUGHT IN THE GENERAL MOTORS CORPORATION) SETTLED ENVIORNMENTAL LIABILITIES ARISING FROM THE COMPANY'S INVOLVEMENT AT THREE SUPERFUND SITES, ONE OF WHICH IS THE KANE AND LOMBARD STREET SITE IN MARYLAND (KANE AND LOMBARD). UNDER THE BANKRUPTCY SETTLEMENT, MLC'S OBLIGATION AT KANE AND LOMBARD ARE SATISFIED BY A PERFORMANCE OND GIVING EPA ACCESS FOR FUTURE REMEDIAL ACTION REQUIRED AT THE KANE AND LOMBARD SITE. MLC (THEN GM) WAS REQUIRED UNDER A PRIOR SUPERFUND SETTLEMENT WITH THE UNITED STATES TO PROVIDE SUCH FINANCIAL ASSURANCE. TO SATISFY THIS REQUIREMENT MLC (THEN GM) SECURED A PERFORMANCE BOND FROM WESTCHESTER FIRE INSURANCE COMPANY.