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Consumer Law

: Lemon Law Blog

Bankruptcy Expert's Proposal to Save the American Auto Industry

By Kemnitzer, Anderson, Barron, Ogilvie & Brewer

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J. Ronald Trost, a leading expert on bankruptcy law, has a proposal to save GM, Ford and Chrysler. His proposal in the NY Times is a restructuring under the umbrella of a special federal statute. He states ordinary Chapter 11 proceeding won't work for various reasons.

The federal restructuring statute would be the basis for a reorganization covering labor contracts, including retirement and health care obligations, supplier contracts, dealer franchises and pre-existing debt. State law dealer protection statutes would be pre-empted presumably to allow the manufacturers to dump excess dealers.

The federal government would guarantee bank loans with priority over other obligations, there would a guarantee that warranty claims would be paid, and possibly a new entity created to buy car loans.

Full post as published by Lemon Law Blog on November 29, 2008 (boomark / email).

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