Archive - Dec 2008

General Motors Corp. has hired bankruptcy counsel and restructuring advisers to prepare for a filing if Congress does not authorize $14 billion in emergency federal loans.

"The Board is meeting frequently and is monitoring the situation closely and is considering all options, as is management," GM spokesman Steve Harris told The Detroit News tonight.

This is the first report on the Treasury Department’s use of authority under the Emergency Economic Stabilization Act of 2008 that the Congressional Oversight Panel (COP) is required to release.