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General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury was represented by the United States Attorneys Office for the Southern District of New York and Cadwalader, Wickersham & Taft LLP. An ad hoc group of the bondholders of General Motors Corporation was also represented in court. [47]
Motors Liquidation Company (MLC), formerly General Motors Corporation, was the company left to settle past liability claims from Chapter 11 reorganization of American car manufacturer General Motors. It exited bankruptcy on March 31, 2011, only to be carved into four trusts; the first to settle the claims of unsecured creditors, the second to ...
On February 18, 2009, General Motors and Chrysler again approached the U.S. government, in regard to obtaining a second bridging loan of $21.6 billion (£15.2 billion). $16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models.
The bankruptcy of General Motors Corp. (GM) is almost as inevitable as the sun rising or the New York Mets collapsing in September. GM is going beyond an earlier plan to slash debt by 46 percent ...
Last night it looked like General Motors (GM) had failed to get its bondholders, who own $27 billion in its debt, to accept a deal to get 10 percent of the new GM in exchange for their bonds.
That's the latest chapter in a story which ends on Monday with the nearly guaranteed bankruptcy of General Motors (GM). In a loss to Italy's Fiat, a Why GM's bankruptcy matters
Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of ...
Why should the US government give car companies, General Motors (GM) in particular, money to close dealers and cut American jobs? Taxpayers are, in essence, spending their Congress questions GM ...