Reuters has reported that the U.S. government has hired two law firms to advise officials on restructuring efforts at GM and Chrysler, as a result of the taxpayer-backed financial rescue package the two automakers received.
The restructurings will be guided by Rothschild investment bank, along with two law firms with extensive bankruptcy experience — New York law firm Cadwalader, Wickersham & Taft LLP and Chicago-based law firm Sonnenschein, Nath & Rosenthal.
According to the Reuters report, the firms will consider a number of options for the two automakers, including the possibility of a bankruptcy funded by the U.S. government.
