Website www.racertrust.org Type of business Trust | Founded 2011 | |
Predecessor Motors Liquidation Company | ||
The RACER (Revitalizing Auto Communities Environmental Response) Trust was created as part of the General Motors (GM) bankruptcy proceedings, to dispose of the company's abandoned real estate.
Motors Liquidation Company, the original GM, exited bankruptcy on 31 March 2011 only to be carved into four trusts; the first to settle the claims of unsecured creditors (OTC Pink: MTLQU), the second to handle environmental response for MLC's remaining assets, a third to handle present and future asbestos-related claims, and a fourth for litigation claims. The trust took possession of 89 properties in 14 states on March 30, 2011; it is charged with cleaning up, positioning for redevelopment and selling them. Although some of the sites were sold within the first year of the trust's operation, many remain in the possession of the trust; for example, the mammoth Willow Run complex is still on the books as of April 2013.