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U.S. President Barack Obama's task force on the auto industry has hired a bankruptcy lawyer to advise it on its options.
The task force hired Matthew Feldman, a partner in the business reorganization and restructuring department at New York law firm Willkie Farr & Gallagher, the law firm said in a news release Friday.
Feldman will be advising U.S. Treasury Secretary Timothy Geithner and Lawrence Summers, the director of the National Economic Council, on reorganization efforts by auto manufacturers and suppliers, Willkie said in a statement.
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AP SUVs sit at a dealership. The president's automobile task force has hired prominent bankruptcy attorney Matthew Feldman to assist it in exploring options for the industry. |
The U.S. government has also been working with bankruptcy and restructuring lawyers at law firms Cadwalader, Wickersham & Taft and Sonnenschein, Nath & Rosenthal, as well as turnaround specialists at investment bank Rothschild. Those advisors have been working with officials on the taxpayer-backed restructuring of General Motors and privately held Chrysler.
General Motors shares [GM
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] fell almost 12 percent in after hours electronic trading after the news. Shares of Ford Motor [F
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] were also lower.
Feldman has worked on both in court and out of court restructurings, according to his firm's website. He also represented investors that bid for assets in the Chapter 11 restructuring of auto parts supplier Dana Holding, the site showed.
Members of the administration's task force toured GM and Chrysler facilities in the Detroit area earlier this week, checking new technology and meeting with company executives.
The panel faces a March 31 deadline to determine whether GM and Chrysler can be commercially viable and deserving of more government aid. The two received a $17.4 billion bailout in December and have asked for an additional $22 billion.
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