The auto industry bailout bill was voted down by the Senate last night, making bankruptcy more likely, if not a certainty, for at least one of the Big Three: GM. Ford seems to be doing less horribly than everyone else and Chrysler is owned by Cerberus, as you may recall.
The Wall Street Journal has the scoop on the advisors: GM has engaged patriarch of the bankruptcy bar, Harvey Miller of Weil Gotshal (Brooklyn BA ’54, Columbia JD ’59), and Marty Bienenstock (Penn BS ’74, Michigan JD ’77) of Dewey & LeBoeuf is also involved. Financial advisors include Jay Alix, who is coming out of semi-retirement, Evercore’s William Repko, and Blackstone’s Arthur Newman.
Update (1:27 PM): Treasury is ready to step in to make sure the Big 3 stay afloat to keep making cars noone wants. Thank goodness the government is willing to step in and do what the people (or their representatives) don’t want done.
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