Motors Liquidation Co., a trust for creditors of General Motors Co.’s old assets, cut $2.67 billion in claims to $1.55 billion in an out-of-court agreement, Bloomberg News reported on friday. Terms of the settlement reached on Thursday include the reduction of a $1.61 billion claim from Green Hunt Wedlake Inc. to $477 million, as well as a distribution of some General Motors stock to holders of debt issued by a Canadian unit in 2003, according to a filing with the U.S. Securities and Exchange Commission. The noteholders will be allowed a $1.07 billion unsecured claim. Motors Liquidation creditors began court-ordered mediation in June with hedge funds that held the notes issued by General Motors Nova Scotia Finance Co. A trust sued the funds on behalf of creditors in March 2012, questioning their right to the $2.67 billion in claims.
