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Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
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Academic Dean and Head of School of the TC Beirne School of Law
Category: Other | Location: Brisbane QLD 4000
· An outstanding opportunity · Provide educational, research and organisational leadership
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Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Arncliffe NSW 2205
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
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Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: All Sydney NSW
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Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Sydney NSW 2000
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GM deal absorbs 15 law firms, so far

GM deal absorbs 15 law firms, so far

The US Government will now own a majority stake in American auto giant and icon General Motors, which filed for bankruptcy yesterday.

 

The Government is wagering upwards of $US30 ($37.02) billion that it can return GM to profitability and reverse a decade-long decline, creating a newly competitive carmaker by the end of the northern summer. 

The restructuring comes after months of negotiations with the Obama administration over the terms of government bailouts for GM.

Information on legal advisers for the biggest industrial bankruptcy filing in US history is still being determined, but 15 law firms have so far been handed work on the deal.

Leading the effort for GM is a team from Weil, Gotshal & Manges. Clifford Chance has taken a high profile role advising GM Europe on the restructuring of its business, which will include the proposed sale of its flagship Opel brand. 

Shearman & Sterling has taken the role as lead adviser to the German government, which has been heavily involved in the discussions to GM’s applications for state aid. 

A partner at a US firm told Legal Week: “Legally this deal is not groundbreaking, I expect it would be fairly straight forward. However, it will keep a large number of people busy and as such is a very nice and juicy instruction to have, especially for Weil Gotshal as lead US counsel. I have absolutely no idea how much feed GM will pay all of these firms, but I would assume it is millions of dollars.”



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GM deal absorbs 15 law firms, so far
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