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GM Outlook Grim As PBGC Enlists Help

Law360 (March 24, 2006, 12:00 AM EST) -- In another ominous sign for General Motors Corp., the Pension Benefit Guarantee Corp. has requested the help of outside counsel in addressing a slew of concerns surrounding the world’s largest automaker, including its potential bankruptcy.

The government-backed insurer filed the request this week, seeking private “advice and counsel” on the possible spinoff of GM’s financial arm, General Motors Acceptance Corp. as well as the bankruptcy of auto parts manufacturer Delphi, GM’s main supplier.

The agency is also requesting guidance on the issues surrounding GM’s pensions and...
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