Press Briefing: Bankruptcy Experts Answer Questions on General Motors Bankruptcy

Friday, July 3, 2009

With the announcement over the weekend that General Motors filed for chapter 11 protection, the American Bankruptcy Institute arranged for experts in automotive proceedings and business bankruptcy law for comment and analysis regarding General Motors’ filing.


Peter S. Kaufman has been managing director of Gordian Group, LLC in New York since 1990 and is president and head of Gordian's Restructuring and Distressed M&A practice. Kaufman has more than 25 years of experience in the business of solving complex financial challenges as an investment banker and attorney. Kaufman has been featured extensively in the media on automotive restructurings and large chapter 11 cases. He co-authored the leading book in the field, Distressed Investment Banking: To the Abyss and Back, published in 2005 by Beard Books LLC (available at 

Schuyler G. Carroll is a partner in the Bankruptcy and Financial Restructuring Group of Arent Fox LLP. His practice focuses on complex restructuring, transaction, litigation and advisory work, particularly representing creditors’ committees. He is the author of Force the Parties to the Table: Bailout vs. Bankruptcy for the Big Three Automakers.

Prof. Stephen J. Lubben is the Daniel J. Moore Professor of Law at Seton Hall University School of Law. Prof. Lubben specializes in corporate finance, particularly issues concerning corporate debt and financial distress. He has blogged on the auto bankruptcies on the Credit Slips blog.

Sheryl L. Toby serves as the co-chair of Dykema Gossett PLLC’s Bankruptcy and Corporate Restructuring Group in Detroit, where she is a bankruptcy and restructuring attorney with more than 20 years in the field, serving in the firm’s automobile industry practice area. A frequent national speaker and consultant, Ms. Toby serves on ABI’s Board of Directors and was co-chair of ABI’s Commercial Fraud Task Force Committee. 

The Obama administration ushered General Motors into chapter 11 protection on June 1. Like the Chrysler case, the federal government is looking to shepherd General Motors through the bankruptcy process as quickly as possible by reaching agreements with the major stakeholders prior to filing. Reportedly, the U.S. will provide GM with at least $30 billion in new financing to carry it through and out of bankruptcy, on top of the $20 billion in loans the government already has given the company, in exchange for a 72.5 percent equity stake in a new GM. 
For additional questions or requests regarding the teleconference or to speak with one of ABI’s expert resources, please contact ABI Public Affairs Manager John Hartgen at 703-894-5935 or [email protected].
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency.  ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues.  The ABI membership includes more than 12,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals providing a forum for the exchange of ideas and information.  For additional information on ABI, visit ABI World at  For additional conference information, visit