Former GM Pollution Settlement Soars Past $800m
The remains of the old General Motors Corp. has agreed to pay $51 million to settle environmental liabilities at 34 sites in 11 states, on top of an existing $773 million settlement with the federal government.
The U.S. Justice Department announced the deal on Monday, the Detroit News reports. The new settlement will help the Environmental Protection Agency cover some cleanup costs, but the government will not receive the whole $51 million, the News said.
Of the total, $15.1 million will be paid in cash and the rest will be met with stock and warrants in the restructured GM, created by the government bailout of the automaker in 2009. U.S. Attorney Preet Bharara said the value of those instruments will be less than face value, and the government may expect to collect about $30 million of the $51 million.
The money is on top of a $773 million settlement to clean up 89 sites in 14 states, including 47 sites in Michigan.
One of the largest portions of the settlement is $4.2 million earmarked for the Flint West site in downtown Flint, Mich. The News said the site is surrounded by residential neighbourhoods.
The settlement also covers several Superfund sites. The EPA has requested $495,460 for the Forest Waste Disposal Superfund site in Genesee County, Mich., and $89,000 for the H. Brown Company Superfund site in Walker, Mich.
Yesterday the EPA announced that it is adding ten Suprefund sites to the National Priorities List, and proposing to add 15 more.
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