GM eyeing bankruptcy
12.01pm Fri 12th Dec
US autmaker giant General Motors Corp has hired lawyers and bankers to consider whether to file for bankruptcy protection, several people familiar with the matter told The Wall Street Journal.
The newspaper said GM management had sought the services of bankruptcy veteran Harvey Miller of New York law firm Weil Gotshal & Manges LP.
Others involved in the matter were said to include restructuring veterans Jay Alix, Evercore Partners' William Repko and Blackstone Group's Arthur Newman.
The paper said the possible bankruptcy filing would be one of the largest and most controversialin US history.
The news comes as the White House urged Republicans in the Senate to back a $US14 billion bill to bail out the US auto industry.
However, a rescue seems dead unless all sides can agree on an elusive alternative.
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