GM, Chrysler Dealer Groups Retain Law Firms
Business Law
National groups representing thousands of General Motors Corp. (GM) and Chrysler LLC auto dealers have hired law firms to protect them against potential bankruptcy filings by the auto makers.
Lawyers also will advocate for GM franchise owners, who are under increasing pressure to go out of business as the auto maker races to downsize in an effort to avoid a government-led bankruptcy.
GM's National Dealer Council retained the law firm of Orrick Herrington & Sutcliffe LLP to help ensure dealers being forced to close get payouts they're owed from the auto maker, according to a memo sent to dealers.
The auto maker is looking to eliminate 2,600 dealers by 2010 as part of a recovery plan that aims to keep the company out of bankruptcy court by slashing costs and restructuring debt.
GM, which has said it expects minimal costs in reducing its dealer body, will inform dealers within the next two weeks whether they are among those marked to close.
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