Bulletin: GM, Chrysler bankruptcy scenarios being developed in Washington
According to Reuters, the U.S. government has retained two law firms with extensive bankruptcy experience and the investment bank Rothschild to advise officials on the taxpayer-backed restructuring of General Motors and Chrysler LLC, a person with direct knowledge of the work said.
New York law firm Cadwalader, Wickersham & Taft LLP was hired by the U.S. Treasury last month and will consider a range of possibilities for the struggling automakers including the prospect of a bankruptcy funded by the U.S. government, the person said.
Cadwalader is joined by Chicago-based law firm Sonnenschein, Nath & Rosenthal and Rothschild in working with U.S. officials as they prepare to review turnaround plans being readied by the two automakers, the person said.
A spokeswoman for Sonnenschein in Los Angeles confirmed that the firm had been engaged to advise Treasury on "ongoing matters related to the 2008-2009 developments within the U.S. automobile industry."
More to come.
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... at least the Hyundai Genesis Coupe looks nice. I can live with the styling if the tuners are all over it...
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