GM hires bankruptcy advisors

[BeatleBoot]

Source: The Detroit News

General Motors Corp. has hired bankruptcy counsel and restructuring advisors to prepare for a filing if Congress does not authorize $14 billion in emergency federal loans.

"The Board is meeting frequently and is monitoring the situation closely and is considering all options, as is management," GM spokesman Steve Harris told The Detroit News tonight. "And they have engaged appropriate advisors for all contingencies."

The revelation, first reported in the Wall Street Journal, sends a signal to Congress and Bush administration officials the severity of GM's financial situation, though the automaker has said repeatedly it is working to avoid a Chapter 11 bankruptcy filing. It was unclear what impact the disclosure would have on a possible Senate vote later tonight or tomorrow on authorizing an auto bailout.

The Journal reported that GM has recently hired Harvey Miller of New York law firm, Weil Gotshal & Manges LP to handle any bankruptcy filing. GM also has retained restructuring experts Jay Alix, Evercore Partners' William Repko, and Arthur Newman of the Blackstone Group, according to the Journal.








Read more: http://www.detnews.com/apps/pbcs.dll/article?AID=/20081211/AUTO01/812110493

[doc03]

1. If GM goes Chapter 11 it will cost us far more than

this loan they are asking for. For one thing if they file bankruptcy they will force the UAW pensions on the PBGC which is already underfunded and the government is obligated to bail it out. My pension and millions of other Americans are dependant on the PBGC. I read an article the other day that if the Big 3 and a few other shaky companies go under the PBGC will be underfunded to the tune of $200 billion. I have a pension of just $1300 a month after 39 years work in a steel mill dependant on the PBGC.

[BeatleBoot]

2. My pension that I earned at a Tier One Auto Supplier is in the PBGC due to bankruptcy

Bankrupt.

Chapter 11, then dissolved.

Devastating to a family.

[Lifetimedem]

5. That is our situation

We will also lose our health insurance and the only life insurance we have..and we are not alone

That is what the republicans want.. that makes it harder for barrak to pull up this economy

[mbperrin]

3. Give TRILLIONS in cash and guarantees to banks so that they can

pocket "retention" bonuses, buy other companies and generally continue on their ruinous ways with not one second of committee hearings.

But help a company and workers who actually MAKE things???!!! Perish the thought! Those folks work with their HANDS, for gawd's sake.

I hate the Congress more each day. Even for greedy, short-sighted fear-mongering crooks, this takes the cake!

[BeatleBoot]

4. Please visit this website

http://www.boycottalabamanow.com/

And tell your friends and family!

[Sadie5]

6. I read on here a few days ago

That if for some obscure union busting reason the big three were to be denied the money by the Senate then Pelosi and Congress might be able to go over their heads?? Anyone know anymore about this?