GM to pay $51 million in EPA settlement
3/7/2011SAN FRANCISCO — The heap of bad assets General Motors Co. cast aside during its bankruptcy in 2009 grew by $51 million Monday in a settlement over environmental liabilities at 34 sites across the country.
Under the deal, the Environmental Protection Agency will receive $36 million in stock and warrants of the "New GM" to settle claims and resolve civil penalties. The agency will also get $15 million in cash for cleanup costs.
The settlement is the eighth in a series involving "Old GM," or Motors Liquidation Co., that have totaled more than $800 million for the cleanup of contaminated locations. In October, "Old GM" agreed to pay $773 million to resolve liabilities at 89 sites, including a landfill in Toledo associated with the Toledo Powertrain Plant on Alexis Road.