Big Deal: GM Bankruptcy Bonanza, Ashurst Motors on M25, More Banking Bonuses for Links and Slaughters
As another giant bankruptcy proceeding sets into motion in the US, the effects reverberate all over Europe. General Motors’ collapse and subsequent restructuring is no doubt a worry for factory workers in Luton and Ellesmere Port but a raft of lawyers across the US and Europe will be rubbing their hands together. The affair is likely to involve more than 15 law firms (that’s the tally so far) as the proceedings continue.
The roster of firms… In the US, Weil Gotshal …
As another giant bankruptcy proceeding sets into motion in the US, the effects reverberate all over Europe. General Motors’ collapse and subsequent restructuring is no doubt a worry for factory workers in Luton and Ellesmere Port but a raft of lawyers across the US and Europe will be rubbing their hands together. The affair is likely to involve more than 15 law firms (that’s the tally so far) as the proceedings continue.
The roster of firms… In the US, Weil Gotshal & Manges has the lead role alongside Dewey & LeBoeuf, Jenner & Block and Honigman Miller Schwartz and Cohn. Cadwalader Wickersham & Taft is lead counsel for the US Treasury Department. GM Europe has instructed Clifford Chance and Weil Gotshal & Manges. Baker & McKenzie has been instructed on employment matters while Herbert Smith will advise on EU issues. Shearman & Sterling has taken the role as lead adviser to the German Government. The two main bidders for Opel instructed US firm Sullivan & Cromwell and Gleiss Lutz. Fiat instructed Schilling Zutt & Anschuetz. Rippelwood Holdings, who showed some initial interest in the brand instructed Freshfields Bruckhaus Deringer. Opel instructed local German firms Wellensiek and Apitzsch. Simmons & Simmons advised the State of Hessia where Opel’s head office is based. Breathe.
Meanwhile, commuters on the M25 will be pleased that the scheme to widen the giant rollerball track London orbital has now reached financial close. Ashurst advised the Connect Plus consortium on the £6.2bn M25 widening project. The lending group made up of 16 commercial banks was advised by Linklaters and Denton Wilde Sapte advised the Highways Agency.
Finally, the banking fallout continues to provide lawyers with plenty of work as Linklaters advised Lloyds TSB on its £4bn share raising to replace the Treasury’s preference shares and Slaughter and May advised the treasury. And finally, in the US, Clifford Chance and Cleary Gottlieb Steen & Hamilton have taken lead roles on Bank of America’s $7.3bn (£4.7bn) sale of a 16% stake in China Construction Bank.
Silver linings…
June 1, 2009
Taxpayers picking up the tab. Not sure if I should feel grateful as a lawyer or pissed off as a taxpayer.
June 1, 2009
It’s ok to have mixed emotions.