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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]
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.
But financial engineering ended up driving GM into bankruptcy years ago -- a look at its balance sheet over the last decade reveals that GM has been bankrupt -- in that its liabilities have ...
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 ...
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 ...
General Motors (GM) and Chrysler LLC are struggling mightily to stay out of bankruptcy court. With roughly $20 billion in loans from the U.S. and some very tight deadlines, they're scrambling to ...
GM has warned that it would file for bankruptcy if there isn't a restructuring deal by Friday, as the Korean operation is running out of cash to pay employees and suppliers amid slumping sales.
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 ...