General Motors - Unofficial Committee of Family & Dissident Bondholders

Gordian advised the Unofficial Committee of Family & Dissident Bondholders and counsel in devising arguments supporting the Committee's objection to the 363 sale of General Motors to a U.S. Treasury-Sponsored Purchaser on the grounds of, amongst other arguments, inequitable treatment of similarly situated creditors. Under the terms of the 363 sale, certain unsecured creditors of General Motors are to receive a significantly higher recovery than the Committee, despite having substantially the same unsecured claim footing.

In a relatively short time frame, Gordian was able to provide Patton Boggs LLP (counsel to the Committee) potential strategic and transactional alternatives to present to the Court, including a potential solution whereby the Court could approve the fast-track sale while permitting the Court (as opposed to the government) to allocate the consideration pursuant to an ensuing plan of reorganization.

General Motors filed for Chapter 11 on June 1, 2009.