GM Shakes Up Finance Unit, Retains Restructuring Firm

Law360, New York (May 17, 2006, 12:00 AM EDT) -- Reeling from a host of accounting errors that have led to embarrassing financial restatements, General Motors Corp. announced plans Wednesday to retain the restructuring firm AlixPartners as its financial adviser and to reassemble its corporate controller’s office.

These latest moves may signal a grim road ahead for the world’s largest auto maker, which is struggling to bring in profits to its slumping automotive operations.

GM, which suffered a $10.6 billion loss in 2005 as it attempted to regain market share and control costs, is involved in...
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