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02-08-2009, 10:43 AM #1
US hires advisers, Rothschild firm, on auto restructuring
US hires advisers, Rothschild firm, on auto restructuring
by Jui Chakravorty and David Bailey
Global Research, February 8, 2009
Financial Times - 2009-02-05
The US government has retained two law firms with extensive bankruptcy experience and the investment bank Rothschild to advise officials on the taxpayer-backed restructuring of General Motors and Chrysler, a person with direct knowledge of the work said.
New York law firm Cadwalader, Wickersham & Taft LLP was hired by the US Treasury last month and will consider a range of possibilities for the struggling automakers including the prospect of a bankruptcy funded by the US government, the person said.
Cadwalader is joined by Chicago-based law firm Sonnenschein, Nath & Rosenthal and Rothschild in working with US officials as they prepare to review turnaround plans being readied by the two struggling automakers, the person said.
A spokeswoman for Sonnenschein in Los Angeles confirmed that the firm had been engaged to advise Treasury on â€
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