Bankruptcy

Good Article on GM Filing

By mcbride

Here is a good article with several embedded links relating to the GM bankruptcy filing.

?General Motors, the leading U.S. automaker founded in Flint, Mich., in 1908, is making history again on Monday — the battered auto giant has filed for bankruptcy protection in a plan that will see the U.S. government take control of the company.

The restructuring, planned as a section 363 sale, comes after months of negotiations with the Obama administration over the terms of government bailout funds for GM, suffering from the recession, frozen credit markets, and the increasing ascendance of foreign car makers such as Toyota and Honda. A majority of G.M. bondholders said they would not challenge the filing in court over the weekend, clearing the way for a Monday filing.

The Am Law Daily has detailed several of the legal advisers engaged on various pieces of a potential bankruptcy in recent weeks and will be posting updates throughout the day on the lawyers who’ll be kept busy on the biggest industrial bankruptcy filing in U.S. history. Leading the effort for GM are teams from Weil, Gotshal & Manges and Dewey & LeBoeuf handling negotiations with lenders, union members, and the U.S. government; Jenner & Block and Detroit’s Honigman Miller Schwartz and Cohn also are advising the car maker. On Friday, sibling publication Legal Week reported on the firms advising on international aspects of the bankruptcy.?

Here is a link to that article: http://www.nylj.com/nylawyer/news/09/06/060109o.html (free subscription may be required)

Michael

Full post as published by Texas Lawyer Blog on June 05, 2009 (boomark / email).