Media update examines auto industry bailout, possible bankruptcy filings
Bankruptcy attorneys Douglas C. Bernstein and Michael A. Fleming from Plunkett Cooney, one of the oldest and largest law firms in the Midwest, hosted a media conference call on Feb. 10 to discuss the bankruptcy option for Chrysler and General Motors in light of the federal restructuring plan deadline next week.
The conference call, titled: “Chapter 11 - End Game or New Beginning for Detroit?” provided members of the media with an opportunity to quiz two of the firm’s leading bankruptcy attorneys on the advantages and disadvantages of bankruptcy protection and the potential for Chrysler and General Motors to seek this option in light of their continued financial difficulties. Media representatives from The Associated Press, Dow Jones News Wire, Detroit Free Press, Chicago Tribune, Reuters, Ward’s Auto.com, Edmunds.com, Booth Newspapers and WJR Radio AM-760 were among the conference participants.
Bernstein, who leads the firm’s Banking, Bankruptcy & Creditors’ Rights Practice Group, and Fleming, a partner who focuses his practice on representing creditors in bankruptcy, covered a range of issues from the political aspects of federal emergency loan package to the real possibility that Chrysler and General Motors may seek Chapter 11 bankruptcy protection to take advantage of the protections and formal process it provides.
Plunkett Cooney has become a resource for the media on general bankruptcy-related issues and, most recently, the Detroit 3’s continued financial woes. Members of the press are invited to contact Bernstein (248) 901-4091 or Fleming (248) 901-4095 directly for comment on the Detroit 3 federal emergency loan program and related issues. Inquiries about other areas of the firm’s practice should be directed to the firm’s Practice Development Manager John Cornwell at (248) 901-4008.
Established in 1913, Plunkett Cooney employs 150 attorneys in nine Michigan cities, Columbus, Ohio and Indianapolis, Indiana. The firm has also received Martindale-Hubbell’s highest rating AV®, as well as awards and recognition for diversity, for law firm management innovation and for being considered among the top workplaces in Michigan.