GM announces details of U.S. Treasury’s asset sale proposal; unofficial committee of bondholders indicates support of proposal

This morning, General Motors Corp. (GM) announced in a Form 8-K filing that the U.S. Treasury Department has proposed details of a reorganization plan to GM in the event that GM seeks bankruptcy protection and bankruptcy court approval for the sale of substantially all of its assets to a newly organized company (New GM) pursuant to Section 363 of the Bankruptcy Code (363 Sale). Following the proposed 363 Sale, the U.S.

Filed under:
USA, Insolvency & Restructuring, Alston & Bird LLP, Bond (finance), Bankruptcy, Debtor, Unsecured debt, Trade union, Beneficiary, Debt, Voluntary association, Liquidation, Warrant (finance), HM Treasury (UK), US Department of the Treasury, General Motors, United States bankruptcy court
Authors:
Anjali Desai
Location:
USA
Firm:
Alston & Bird LLP
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