Obama’s auto task force hires bankruptcy lawyer for advice

According to a press release by New York law firm Willkie Farr & Gallagher LLP, President Obama’s auto task force has hired bankruptcy lawyer Matthew Feldman to advise it on its options.

The firm said that Feldman will be responsible for advising the U.S. Treasury Secretary Timothy Geithner and the National Economic Council Lawrence Summers on “reorganization efforts by auto manufacturers and suppliers. Willikie said that Feldman will leave the firm by the end of this month to start his position in Washington.

The auto task force faces a March 31 deadline to determine whether or not GM and Chrysler can be financially viable in the long-term and whether or not they deserve additional government aid. The two automakers are looking for another $22 billion in government loans.

The auto task force was in Detroit earlier this week meeting with the two automakers and UAW President, Ron Gettlefinger.

We’re just 17 days away from March 31 and this is beginning to be a nail-biter for us.

– By: Omar Rana

Source: Reuters