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    Bankruptcy court enters order on Chrysler bidding procedures
    2009-05-08

    In an order dated May 7, 2009, Judge Arthur Gonzales approved Chrysler’s proposed bidding procedures for the sale of substantially all of the Company’s assets to a newly formed entity that would continue business under Chrysler’s name.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Alston & Bird LLP, Confidentiality, Bankruptcy, Good faith, Due diligence, Non-disclosure agreement, Troubled Asset Relief Program, United Automobile Workers, Ally Financial, Chrysler
    Authors:
    Zachary Chapman
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Bankruptcy court approves $4.1 billion DIP facility for Chrysler
    2009-05-05

    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
    Chrysler files for Chapter 11 bankruptcy protection and begins restructuring
    2009-05-03

    On Thursday, under pressure from the Obama administration, Chrysler and 24 of its wholly owned U.S. subsidiaries filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. None of Chrysler’s Mexican, Canadian or other international subsidiaries are part of the filing.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Libor, Debtor, Health insurance, Debt, Secured loan, Pro rata, US Federal Government, United Automobile Workers, Pension Benefit Guaranty Corporation, Chrysler, United States bankruptcy court
    Authors:
    Zachary Chapman
    Location:
    USA
    Firm:
    Alston & Bird LLP
    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

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