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The RACER Trust (Revitalizing Auto Communities Environmental Response Trust) was created in March 2011 by a consent decree in the United States Bankruptcy Court for the Southern District of New York to clean up and position for redevelopment certain real properties owned by the former General Motors Corporation (“GMC”) and various GMC affiliates at the time of GMC's bankruptcy in 2009.
The GM Building was sold in May 2008 for an estimated $2.8 billion to a joint venture between Boston Properties, Goldman Sachs Real Estate Opportunities Fund (backed by funds from Kuwait and Qatar), and Meraas Capital (a Dubai-based real estate private equity firm).
In 1997 the plant was closed by an 84-day UAW strike, the longest strike against GM since 1972. [3] The plant closed in September 2009 and ownership was transferred to the RACER Trust, an organization marking surplus GM properties, as part of the General Motors bankruptcy settlement. [4] In late 2011, demolition of the plant began.
Jun. 18—MASSENA — An agreement has been reached to sell the former General Motors property in Massena. RACER Trust (Revitalizing Auto Communities Environmental Response) released a statement ...
Sep. 15—JANESVILLE — Want to bid on 114 acres of former General Motors factory property on Janesville's south side? You've got until 5 p.m. Nov. 11 to vie for the property through an auction ...
The company's background can be traced to 1969, when airline and casino tycoon Kirk Kerkorian bought a controlling stake in the Metro-Goldwyn-Mayer (MGM) film studio. [15] In 1970 and 1971, Kerkorian struggled with debt from his acquisitions of MGM and Western Airlines, and was forced to sell a majority of his casino company, International Leisure, to Hilton Hotels at a steep discount.
General Motors Company (GM) [2] is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. [3] The company is most known for owning and manufacturing four automobile brands: Chevrolet, Buick, GMC, and Cadillac, each a separate division of GM.
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