A General Motors Corp. bankruptcy might yield a $1.2 billion “bonanza” for bankers, accountants and lawyers, surpassing record fees being made by advisers on the collapse of Lehman Brothers Holdings Inc. GM, trying to lower debt and wages out of court, said Dec. 2 it must slash $62 billion in liabilities by almost half, excluding government loans. Otherwise it may wind up like Lehman, which will pay an estimated $906 million in judge-approved charges for professional services, said Lynn LoPucki, who teaches bankruptcy law at the University of California, Los Angeles.
“The bonanza has already begun and will continue through the bankruptcy,” said LoPucki, who keeps a database of bankruptcy statistics he used to estimate the fees. “GM is in serious financial difficulty and can’t make the cuts they need outside of bankruptcy becausethey can’t force creditors to go along with them.”
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