"G.M. Estate to Provide Millions for Cleanup of Old Sites"

"DETROIT -- The bankruptcy estate of General Motors will commit $773 million toward cleaning up old plant sites and other property abandoned by the automaker, under a deal reached Wednesday with the Obama administration and 14 states.

The settlement, which requires approval from a bankruptcy judge next year, would create a trust that dedicates money to 89 sites in 14 states. Fifty-seven of the sites are in Michigan, and 59 are contaminated with hazardous waste.

Most of the money would come from the $1 billion that the Obama administration last year provided to the so-called old G.M., now known as Motors Liquidation Company."

Nick Bunkley reports for the New York Times October 20, 2010.

Thursday, October 21, 2010