U.S. autos task force to get counsel from bankruptcy lawyer

U.S. autos task force to get counsel from bankruptcy lawyer
 

Automotive News | March 13, 2009 – 5:00 pm EST

 

NEW YORK (Reuters) – – President Barack Obama’s auto task force has hired a bankruptcy lawyer to advise it on its options for rescuing General Motors, Chrysler LLC and parts suppliers.

The task force hired Matthew Feldman, a partner in the business reorganization and restructuring department at New York law firm Willkie Farr & Gallagher LLP.

Feldman will be advising U.S. Treasury Secretary Timothy Geithner and Lawrence Summers, the director of the National Economic Council, on reorganization efforts by auto manufacturers and parts makers, Willkie said in a statement.

He will leave the firm by the end of March to start his position in Washington, according to Willkie.

The U.S. government has also been working with bankruptcy and restructuring lawyers at law firms Cadwalader, Wickersham & Taft LLP and Sonnenschein, Nath & Rosenthal, as well as turnaround specialists at investment bank Rothschild. Those advisers have been working with officials on the taxpayer- backed restructuring of GM and Chrysler.

Members of the administration’s task force toured GM and Chrysler facilities in the Detroit area this week, checking new technology and meeting with company executives.

The panel faces a March 31 deadline to determine whether GM and Chrysler can be commercially viable and deserving of more government aid. The companies have received $17.4 billion so far and have asked for an additional $22 billion.

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