Chrysler bankruptcy judge approves GMAC as preferred lender for dealers

Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Retail, Collateral (finance), Limited liability company, Consent, Preferred stock, Ally Financial, Chrysler
Authors:
Anjali Desai
Location:
USA
Firm:
Alston & Bird LLP
House Financial Services Committee holds hearing on effect of Lehman Brothers bankruptcy on state and local governments

Today, the House Financial Services Committee, chaired by Representative Barney Frank (D-MA), held a hearing on the effects of the Lehman Brothers bankruptcy on state and local governments and other publicly-funded entities.

Testifying at the hearing were the following witnesses:

Panel One:

Filed under:
USA, Capital Markets, Insolvency & Restructuring, Public, Alston & Bird LLP, Bankruptcy, Bankruptcy of Lehman Brothers, Troubled Asset Relief Program, Emergency Economic Stabilization Act 2008 (USA), US Department of the Treasury, US House of Representatives, US House Committee on Financial Services, Lehman Brothers, US Secretary of the Treasury
Authors:
Anjali Desai
Location:
USA
Firm:
Alston & Bird LLP
Bankruptcy court approves $4.1 billion DIP facility for Chrysler

Yesterday, in a bankruptcy court hearing held for Chrysler LLC (and 24 of its wholly owned subsidiaries), which filed for Chapter 11 bankruptcy protection last Thursday, U.S.

Filed under:
USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Debtor, Collateral (finance), Budget, Investment funds, Subsidiary, Troubled Asset Relief Program, Secured loan, HM Treasury (UK), Chrysler, United States bankruptcy court
Authors:
Anjali Desai
Location:
USA
Firm:
Alston & Bird LLP