AlixPartners Client ‘Old GM’ Announces Agreement to Sell First Major Asset

WILMINGTON, Del.--AlixPartners LLP, the global business-advisory firm that since last December worked to help keep General Motors Corp. away from a freefall bankruptcy and that since July has managed the estate of “Old GM” (Motors Liquidation Co.), today commented on the announcement that MLC has signed a letter of intent to complete its first major asset sale: the sale of a former GM assembly plant in Wilmington, Del., to premium carmaker Fisker Automotive Inc. of Irvine, Calif., which has said it plans to build plug-in electric vehicles in the plant.

It was announced today that Fisker Automotive will be paying MLC $18 million for the 3.2-million-sq.-ft. plant, which was commissioned in 1947 and until this summer was building Pontiac Solstice, Saturn Sky and Opel GT models.

“This is a big day for Wilmington, a big day for the creditors in this case and, I believe, a good day for America,” said Al Koch, the vice chairman of AlixPartners who is currently serving as chief executive officer of MLC. “AlixPartners is a firm that has long prided itself on obtaining the best possible outcomes, no matter the odds, and that’s certainly been our goal all along in this very big, very high-profile case. To that end, we are extremely pleased that not only will this plant not be going away, but that it will continue as a vehicle-assembly site, providing employment and other commercial activity in this area.”

Continued Koch: “We very much applaud the leadership of Governor Markell, the Delaware congressional delegation and many others here in helping make today’s news possible. They’ve worked tirelessly to help us come up with a win-win-win outcome.”

Said Ted Stenger, a managing director of AlixPartners who is serving as executive vice president of MLC: “Wherever we have facilities or properties, we continue to work with government officials at all levels, community leaders and economic-development experts to try to identify re-use possibilities, consistent with the local market conditions, the attributes of each individual property and with our obligations under the bankruptcy code. This sale is an example of where many separate groups acted together to arrive at a solution beneficial to all. Working together, we hope to have more such solutions in the future.”

About AlixPartners

AlixPartners is a leading global business-advisory firm offering services across four main disciplines – operational performance improvement and strategic consulting, financial restructuring and bankruptcy reorganization, litigation consulting and financial advisory services. The firm's expertise is in helping clients anticipate, evaluate and successfully resolve urgent, high-impact business challenges in an increasingly complex legal, regulatory and economic landscape. Drawing on the experience of more than 900 employees from 14 offices across North America, Europe and Asia, the firm commits small teams of seasoned professionals to deliver results when it really matters. For more information, visit www.alixpartners.com.