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December 12, 2008 11:14 AM

Report: GM Weil's Up for Possible Chapter 11 Filing

Posted by Brian Baxter

So far our bankruptcy magic eight ball is two for two.

The Wall Street Journal is reporting that General Motors has hired Weil, Gotshal & Manges for a possible bankruptcy filing after a $14 billion auto industry rescue package stalled in the U.S. Senate. (The stock market isn't taking that news well this morning.)

Last month The Am Law Daily looked at the legal candidates that might likely win the lucrative bankruptcy work stemming from the demise of the Big Three. With some photographic evidence backing us up, we outed Jones Day for its role advising Chrysler.

Now it appears that GM is the latest to lawyer up.

The Journal reports that Weil bankruptcy baron Harvey Miller has taken the lead advising the world's largest automaker on what could be the biggest Chapter 11 filing in history. Assisting Miller on the legal side is Martin Bienenstock, chair of the business solutions and governance department at Dewey & LeBoeuf. (Neither immediately responded to requests for comment.)

The two are longtime colleagues. Bienenstock was the former cohead of Weil's bankruptcy practice before leaving the firm in November 2007 to start a hybrid reorganization, litigation, and corporate governance practice at Dewey.

Bienenstock, who led Weil's representation of defunct energy giant Enron when it filed for Chapter 11 in 2001, took fellow former Weil bankruptcy partner Judy Liu with him when he left the firm.

According to The Deal, GM is also relying on restructuring specialists Jay Alix of AlixPartners, William Repko from Evercore Partners, and Arthur Newman from the Blackstone Group.

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