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    GM files for Chapter 11 bankruptcy
    2009-06-01

    This morning, General Motors Corp. (GM) announced that it filed for Chapter 11 bankruptcy in the U.S.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bond (finance), Bankruptcy, Debtor, Dividends, Board of directors, Debt, Warranty, Preferred stock, Warrant (finance), US Department of the Treasury, United Automobile Workers, General Motors, United States bankruptcy court
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Bankruptcy court approves sale of Chrysler assets to Fiat S.P.A.
    2009-06-01

    Late Sunday night, U.S. Bankruptcy Judge Arthur Gonzalez approved the sale of most of Chrysler's assets to Italian Automaker Fiat S.p.A., as contemplated in the Master Transaction Agreement between the two companies.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Employee stock ownership plan, Retirement, Secured loan, United Automobile Workers, Chrysler, US Constitution, Emergency Economic Stabilization Act 2008 (USA), United States bankruptcy court
    Authors:
    Zachary Chapman
    Location:
    USA
    Firm:
    Alston & Bird LLP
    GM announces details of U.S. Treasury’s asset sale proposal; unofficial committee of bondholders indicates support of proposal
    2009-05-28

    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, Form 8-K, 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
    Supreme Court lifts temporary stay on Chrysler sale; New Chrysler purchases bulk of Chrysler Assets
    2009-06-11

    Yesterday morning, Chrysler Group LLC (formerly New CarCo Acquisition LLC), backed by Italian automaker Fiat S.p.A., acquired substantially all of Chrysler’s assets. Under the terms of the deal, a union retiree trust will initially own 55% of the new company, Fiat S.p.A. will own 20% and the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Limited liability company, Legal burden of proof, Stay of execution, US Federal Government, Chrysler
    Authors:
    Zachary Chapman
    Location:
    USA
    Firm:
    Alston & Bird LLP
    The GGP bankruptcy so far: grounds for concern, sources for hope
    2009-06-08

    As the federal government and private markets make progress to quell economic recession and stimulate the engines of financial growth, recent headlines from the commercial real estate industry have focused on certain developments, such as the proposed changes in rating agency methodologies and the repeated false starts with the government’s TALF and PPIP programs.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Securitization & Structured Finance, Alston & Bird LLP, Bankruptcy, US Federal Government, Credit rating agency
    Location:
    USA
    Firm:
    Alston & Bird LLP
    U.S. Supreme Court Justice Ginsburg delays sale of Chrysler assets
    2009-06-08

    This afternoon, U.S. Supreme Court Justice Ruth Bader Ginsburg issued an order extending the temporary stay placed by a federal appeals court in New York last week on the sale of Chrysler LLC’s assets to a new company, to be partially owned by Italian automaker Fiat S.p.A., to allow opponents to the sale sufficient time to seek Supreme Court review.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Retirement, Troubled Asset Relief Program, Chrysler, Emergency Economic Stabilization Act 2008 (USA), Supreme Court of the United States, United States bankruptcy court
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Three bank failures: Southern Community Bank, Cooperative Bank and First National Bank of Anthony
    2009-06-19

    Earlier today, the FDIC was appointed as receiver of three banks: Southern Community Bank, Cooperative Bank and First National Bank of Anthony, bringing the total number of bank failures in the nation this year to 40.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Federal Deposit Insurance Corporation (USA)
    Location:
    USA
    Firm:
    Alston & Bird LLP
    U.S. Bankruptcy Court approves GM’s Section 363 asset sale
    2009-07-06

    Late last night, after presiding over a three-day hearing on the matter last week, U.S. Bankruptcy Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an order authorizing the sale of substantially all of the assets of General Motors Corporation (“Old GM”) under Section 363 of the Bankruptcy Code (“Section 363 Sale”).

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bond (finance), Bankruptcy, Debtor, Unsecured debt, Limited liability company, Liability (financial accounting), Liquidation, Warranty, Subsidiary, US Department of the Treasury, United Automobile Workers, General Motors, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Geithner issues statement on the auto industry Task Force
    2009-07-13

    Today, Treasury Secretary Geithner released a statement on the Presidential Task Force on the Auto Industry.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, General Motors, Chrysler, US Secretary of the Treasury
    Authors:
    Zachary Chapman
    Location:
    USA
    Firm:
    Alston & Bird LLP
    New General Motors emerges from bankruptcy
    2009-07-12

    On Friday, the new General Motors (GM) began operations with a new corporate structure, and is now primarily owned by the governments of the U.S., Canada and Ontario, along with the UAW Retiree Medical Benefits Trust. The result of an asset sale approved by the bankruptcy court on July 5, the new GM will narrow its focus to four core brands (Chevrolet, Cadillac, Buick and GMC). Also, the number of U.S.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Brand, United Automobile Workers, General Motors, United States bankruptcy court
    Authors:
    Sarah Whitlock
    Location:
    USA
    Firm:
    Alston & Bird LLP

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