Treasury, GM Hammer Out 'Surgical' Ch. 11 Plan

Law360, New York (April 13, 2009, 12:00 AM EDT) -- The U.S. Department of the Treasury and General Motors Corp. are reportedly working on a plan for a “surgical” prepackaged Chapter 11 filing if the struggling auto giant can't come up with a plan to restructure its liabilities to bondholders and the United Auto Workers union by June 1.

Under the plan currently being devised, a new company would be created to buy up the so-called good assets from GM after it files for bankruptcy, while the “less desirable” assets — tarnished and unprofitable brands, factories...
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