Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

GM hires bankruptcy lawyers - report

Wall Street Journal says the troubled automaker has approached a New York law firm to consider whether GM should file for bankruptcy.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

Should the Senate pass the auto bailout bill?
  • Yes
  • No

NEW YORK (CNNMoney.com) -- General Motors has reportedly hired bankruptcy lawyers and restructuring consultants as lawmakers continue to debate the terms of a possible bailout of the ailing automaker.

The Wall Street Journal reported late Thursday that GM has tapped Harvey Miller of New York law firm, Weil Gotshal & Manges LP, to handle any potiential bankruptcy filing. Miller is a "bankruptcy veteran," according to the Journal.

GM has also reached out to "restructuring veterans" Jay Alix of Questor Management Company, Evercore Partners' William Repko, and Blackstone Group's Arthur Newman, the Journal said.

The reports come as Senate lawmakers consider a $14 billion bailout package that would provide loans for General Motors, Chrysler and Ford Motor (F, Fortune 500).

GM (GM, Fortune 500) has been burning through cash as sales plummet and credit remains tight. The automaker has said it will run out of operating capital next year if the government loans are not approved.

Last week, the Journal reported that Chrysler LLC hired bankruptcy law firm Jones Day. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
The Obama economy in 10 charts President Obama came to office in January 2009 in the midst of the Great Recession. Much has turned around since then, but he's been criticized for a slow recovery. More
Best Jobs in America CNNMoney/PayScale's top 100 careers with big growth, great pay and satisfying work. More
Top-paying jobs Anesthesiologists take home a median $335,000 in salary and bonus annually. What other great careers from CNNMoney and PayScale.com's list of Best Jobs in America offer hefty paychecks? More
Sponsors