Posted by SooYeon(Pia), Shin The Obama administration has hired two bankruptcy firms to advise General Motors Corp. and Chrysler LLC. By hiring two law firms, the Obama administration is to assist Treasury Department officials on restructuring the struggling automakers. However, the government did not reveal plans for naming a trustee or “czar” to manage the process. The two law firms with bankruptcy expertise are Cadwalader, Wickersham & Taft LLP in New York and Sonnenschein Nath & Rosenthal LLP in Chicago.
Cadwalader, Wickersham & Taft LLP, founded in 1792, concentrates on bankruptcy, restructuring, and other areas of corporate law as well. The firm provided guidance to Norwest Airlines in 2007, which Delta Air Line took over last year. And, Sonnerschein Nath & Rosenthal LLP is a 103-year old international law firm which specializes in bankruptcy and public policy.
The U.S. auto supplier may request “as much as $25.5 billion in government aid to prevent an industry collapse.” GM and Chrysler have received $17.4 billion and are required to prove their viability until Feb. 17. The government official said that there will be no decisions made on restructuring until the companies submit their restructuring report. However, “Both automakers have said bankruptcy would likely mean dissolution, since they would be hard-pressed to come up with necessary operating cash.”
Cadwalader, Wickersham & Taft LLP, founded in 1792, concentrates on bankruptcy, restructuring, and other areas of corporate law as well. The firm provided guidance to Norwest Airlines in 2007, which Delta Air Line took over last year. And, Sonnerschein Nath & Rosenthal LLP is a 103-year old international law firm which specializes in bankruptcy and public policy.
The U.S. auto supplier may request “as much as $25.5 billion in government aid to prevent an industry collapse.” GM and Chrysler have received $17.4 billion and are required to prove their viability until Feb. 17. The government official said that there will be no decisions made on restructuring until the companies submit their restructuring report. However, “Both automakers have said bankruptcy would likely mean dissolution, since they would be hard-pressed to come up with necessary operating cash.”
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