U.S. hires advisers on what to do with GM and Chrysler

Prior to naming a ‘car czar’ the U.S. government has reportedly hired two law firms with extensive bankruptcy experience and the invest bank Rothschild to advise the U.S. Treasury on the restructuring of General Motors and Chrysler with taxpayers bailout money.

According to a person familiar with the matter, New York law firm Cadwalader, Wickersham & Taft LLP and Chicago-based law firm Sonnenschein, Nath & Rosenthal and Rothschild are working with U.S. Treasury officials as they get ready to review turnaround plans that will be submitted by the two automakers on Feb. 17.

Automotive News reports that a spokeswoman from Sonnenschein confirmed that the firm is involved in advising the Treasury on the U.S. automobile industry. Cadwalader had no comment while Rothschild, GM, Chrysler and the U.S. Treasury could not be reached.

We’re really looking forward to Feb. 17.