Isenberg comments on probable GM bankruptcy filing

Isenberg comments on probable GM bankruptcy filing

"GM wouild require quick bankruptcy - Delaware judge", Reuters

April 16, 2009

Adam H. Isenberg, a Partner in the Bankruptcy and Restructuring Department, was quoted in this article about how a bankrupt General Motors company would be reorganized quickly or risk a "tremendous sinkhole" in the U.S. economy. The bankruptcy would likely be filed in New York because of the court's experience with bankrupt Lehman Brothers Holding Corp.

Isenberg said the main difference between Lehman and a possible GM filing was that the Lehman deal was so sudden. "With GM, every large sophisticated creditor is lawyered up," Isenberg said. "If there is opposition from unions or bondholders, they are well poised to assert their opposition in a coordinated fashion."