Home

Bienenstock to Make GM Into “Futuristic” Automaker
Download PDF

Martin BienenstockYesterday we reported that General Motors had hired Dewey LeBoeuf’s Martin Bienenstock, who worked on the Enron bankruptcy and was previously a GM lawyer.

Today the ABA Journal reports that Bienenstock is “devising a speedy plan to remake the automaker into a 21st century success.”

The Senate failed to reach an agreement on a $14 billion bailout plan last night, after Republicans insisted that union autoworkers should bear the brunt of any financial pain.

  
What
Where


Bienenstock hopes to help GM use the bankruptcy process to create a “futuristic” automaker for the 21st century. His plan is to create a new company to oversee GM’s best auto lines, with the proceeds going to the auto unions to win their support.

Redundant brands, surplus dealers and legacy costs would be hived off in bankruptcy court.

Most reorganizations can take two years or more, but Bienenstock has told GM his restructuring plan can be completed in 30 to 90 days.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Bienenstock did not elaborate what a “futuristic” automaker would be, but hopefully it involves these.



 

Most Popular

Legal Career Resources

August 17, 2016 Top Mistakes Holding Attorneys Back from Jobs at Top Law Firms

Summary: Too many attorneys have resumes littered with mistakes that prevent them being hired at large law firms. Don’t let yourself be one of them. Read 21 Reasons You Will Never Get a Job with a Major Law Firm Now […]

read more

SEARCH IN ARCHIVE

To Top