General Motors' Rennaissance Center headquarters in Detroit  - aerial view

A lawsuit that pits hedge funds against creditors is going to trial today, and the outcome could threaten to unravel "New General Motors."

In the lawsuit, a trust for Motors Liquidation Co., better known as "Old GM," alleges that certain hedge funds took advantage of a last-minute opportunity for a profit in the midst of the General Motors bankruptcy filing.

According to the Bloomberg report, the trust is looking to have a $367 million payment and a $2.67 claim from holders of GM Nova Scotia's notes negated, or at the very least reduced. The trust says that the hedge funds are looking to be compensated three times more than what was owed to them by GM.

"New GM," created in a vast series of financial maneuvers, says that the incident threatened to put a wrench in the sale of GM that allowed it to survive.

The trust claims that since the agreement with the hedge funds was reached after GM came under bankruptcy protection, the hedge fund required bankruptcy court approval – something that the trust claims the hedge fund never did.

General Motors points outs that the agreement with the hedge funds allowed it to manage inter-company loans was was essential in moving the carmaker forward. According to GM, without the agreement, the company would have been forced to liquidate immediately.