Article by Jonathan D. Glater and Micheline MaynardPosted by Kaitlin Lanier
Detroit, which could lose an automaker to bankruptcy, hopes to console itself with a big piece of the legal action.
The bankruptcy court in the Motor City is making itself as attractive as possible should General Motors or Chrysler file for Chapter 11 protection, and it appears to be in the running.
At stake may be crucial decisions on how employees and others will fare in a restructuring. And the depressed Michigan economy could also benefit from all the hotel and restaurant revenue brought in by out-of-town lawyers, researchers, journalists and their support teams.
The established forums for big corporate cases are in Delaware, where many businesses are incorporated, and New York. The two locations have been home to six of the 10 biggest bankruptcy filings, including Lehman Brothers, Washington Mutual, WorldCom and Enron, according to BankruptcyData.com.
Click here to read more.
No comments:
Post a Comment