Although they said it could not be done, headlines now proclaim that Chrysler and General Motors have navigated the bankruptcy process in record speed.  Indeed, new companies have “emerged” from each bankruptcy case.  However, both bankruptcy cases are still pending (see here and here), and much more still needs to be done in each bankruptcy case, [...]

Federal Bankruptcy Court Judge Robert Gerber approved the sale of most General Motors assets to a new corporation to be owned by the governments of the United States, Canada and the province of Ontario, the United Auto Worker’s Voluntary Employee Benefit Association trust (“VEBA”), and GM bondholders.  Gerber today also denied a “fast track” appeal to [...]

According to the Detroit News, General Motors reversed the closing of 41 of the 2,100 dealerships originally targeted to be closed as part of GM’s bankruptcy and restructuring. 

The full Supreme Court Tuesday decided not to hear the merits of a challenge to the sale of Chrysler assets to a group comprised of Fiat, the US, Canada and the Chrysler Auto Worker Union Retirement Trust.  The unanimous court, in a two-page-opinion, lifted the temporary stay granted by Justice Ruth Bader Ginsberg on Monday, [...]

Now that the Bankruptcy Court has approved the sale of Chrysler’s assets to a consortium of buyers lead by Italian carmaker Fiat, the next major issue is which Dealer Agreements will be assumed and which ones will be rejected. 

General Motors Corporation filed a petition for Chapter 11 bankruptcy protection this morning in the Second District of New York Bankruptcy Court. According to the bankruptcy filing, as of March 31, 2009, General Motors employed approximately 235,000 employees worldwide.  In addition, General Motors had consolidated global recorded assets of approximately $82.3 billion and liabilities of [...]