Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Man Tries to Order Priciest Starbucks Drink Ever Total cost: $23.60 »

GM to File Bankruptcy at 8AM, Name Interim Chief

By Neal Colgrass,  Newser Staff

Posted May 31, 2009 3:43 PM CDT

(Newser) – General Motors will appoint Al Koch as chief restructuring officer when the company files for bankruptcy tomorrow at 8am, the Wall Street Journal reports. A managing director at an advisory firm, 67-year-old Koch has attended GM management meetings for months and helped negotiate pre-bankruptcy deals with shareholders and lenders. He is expected to wind down the "old GM" as a new one emerges from bankruptcy court.

Koch has experience with corporate bankruptcies, having served as interim CFO of Kmart when it sought Chapter 11 protection in 2002 and emerged a year later. He also chaired Champion Enterprises when the manufactured-home builder avoided a bankruptcy filing. Koch "seems like a solid guy with excellent industry experience," one analyst said. "And he works for a top firm, so … he'll have good support."

The state of Maryland recently paid $5.26 million for almost 15 acres of additional car storage space near this bridge, painted with a General Motors logo, near the Dundalk Marine Terminal at the port of Baltimore February 18, 2009 in Baltimore, Md.
The state of Maryland recently paid $5.26 million for almost 15 acres of additional car storage space near this bridge, painted with a General Motors logo, near the Dundalk Marine Terminal at the port...   (Getty Images)
A General Motors logo, seen near the Dundalk Marine Terminal at the port of Baltimore February 18, 2009 in Baltimore, Md.
A General Motors logo, seen near the Dundalk Marine Terminal at the port of Baltimore February 18, 2009 in Baltimore, Md.   (Getty Images)
The General Motors logo hangs at the entrance to a Chevrolet dealership February 26, 2009 in Park Ridge, Illinois.
The General Motors logo hangs at the entrance to a Chevrolet dealership February 26, 2009 in Park Ridge, Illinois.   (Getty Images)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

GM's 2011 Profit: Biggest Ever

Detroit Bust Would've Been Better Than Bailout

Automakers Pushing 'Connected' Cars

American Airlines to Cut 13K Jobs

Chrysler Roars to $225M Profit


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne