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GM to File Bankruptcy at 8AM, Name Interim Chief
By Neal Colgrass
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Posted May 31, 09 3:43 PM CDT
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(Newser)
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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."