GM to commit $773 million toward cleaning up old plant sites

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, New York Times reports.

"The agreement marks a new beginning by responsibly addressing hazardous waste contamination in impacted communities, and at the same time creates jobs to help clean up and return these sites to beneficial uses," said Gary G. Grindler, U.S. acting deputy attorney general, in a written statement.

Michigan Gov. Jennifer Granholm, who has made restoration of old industrial sites a cornerstone of her economic development policy, welcomed news of the trust fund. "Cleaning up these former GM sites will allow new companies a greater opportunity to invest in Michigan and create jobs," Granholm said in a statement, Los Angeles Times informs.