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    GM auditor opinion expresses doubts about "going concern"
    2009-03-07

    On Thursday, General Motors Corporation (GM) filed its Annual Report on Form 10-K with the Securities and Exchange Commission which notably included an opinion of its auditors on its financial statements in which the auditors stated that GM’s “recurring losses from operations, stockholders’ deficit, and inabili

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Shareholder, Audit, Cashflow, Subsidiary, US Securities and Exchange Commission, European Commission, US Congress, General Motors, Chrysler
    Authors:
    Tara Castillo
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Ford announces debt restructuring initiatives
    2009-03-06

    On Wednesday, Ford Motor Co.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Wage, Credit (finance), Interest, Beneficiary, Debt, Adoption, Bail, Debt restructuring, Ford Motor Company, United Automobile Workers, General Motors, Chrysler, Chief executive officer
    Authors:
    Tara Castillo
    Location:
    USA
    Firm:
    Alston & Bird LLP
    GM and Chrysler submit restructuring plans and request additional government assistance
    2009-02-18

    As required by the terms of the emergency assistance provided by Treasury last December, General Motors Corp.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Debtor, Accounts receivable, EBITDA, US Federal Government, United Automobile Workers, General Motors, Chrysler
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Senate and House committees hold more hearings on current condition of US auto industry
    2008-12-06

    This week, the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services held a second round of hearings, as a follow-up to the hearings held

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Credit default swap, Bridge loan, US Congress, Ford Motor Company, Government Accountability Office, US House Committee on Financial Services, United Automobile Workers, US Senate Committee on Banking, Housing and Urban Affairs, Chrysler, Chief executive officer
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Congressional Oversight Panel releases report on use of TARP funds to reorganize U.S. auto industry
    2009-09-11

    After holding a hearing on the topic this past July, the Congressional Oversight Panel (COP) released a report earlier this week entitled, “The Use of TARP Funds in Support and Reorganization of the Domestic Automotive Industry,” examining how TARP funds have been used to support and reorganize both

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Conflict of interest, Public company, Bankruptcy, Shareholder, Fiduciary, Interest, Privately held company, Due diligence, Troubled Asset Relief Program, US Federal Government, HM Treasury (UK), US Department of the Treasury, General Motors, Chrysler
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    House Subcommittee completes hearings on ramifications of auto industry bankruptcies
    2009-07-23

    Yesterday, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law concluded its series of hearings on the ramifications of auto industry bankruptcies. Testifying before the committee were:

    Panel I:

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, General counsel, Administrative law, Warranty, Title 11 of the US Code, General Motors, US House Committee on the Judiciary, Chrysler
    Location:
    USA
    Firm:
    Alston & Bird LLP

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