McKenna Long & Aldridge LLP Represents Canadian Government in Chrysler and General Motors Deals
WASHINGTON, Aug. 3 /PRNewswire/ — McKenna Long & Aldridge (MLA) announced today that the firm advised the government of Canada in connection with its recent transactions involving automakers Chrysler and General Motors. Chrysler filed for bankruptcy on April 30 and the transaction closed on June 10. GM filed for bankruptcy on June 1 and the transaction closed on July 10.
MLA advised the government of Canada on the court-supervised sale of Chrysler that resulted in an alliance with Italian car maker Fiat. As part of the transaction, the Canadian government (along with the government of Ontario) provided a $3.775 billion loan which enabled Canada to maintain its 20 percent production share in the North American market and protect nearly one million Canadian jobs. Canada holds a two percent share in the new Chrysler and will appoint a member to the board of directors.
“We are honored that the Canadian government called on McKenna Long & Aldridge for legal support and guidance during this unprecedented and challenging time for the North American auto industry,” said Christopher F. Graham, lead bankruptcy attorney at MLA on the Chrysler and GM deals. “Through the efforts of our bankruptcy, corporate, finance, tax, and public policy teams, we were able to work collaboratively with the U.S. and Canadian governments as well as the legal teams representing the unions, lenders, creditors and other constituencies involved in these highly complex and sophisticated transactions.”
In connection with the court-supervised sale of a majority interest in General Motors to the U.S. Department of Treasury, the Canadian government (along with the government of Ontario) provided a $9.5 billion loan to the new General Motors — an amount proportional to the $50 billion package provided by the U.S. government. As part of the transaction, Canada holds a 12 percent share in the new General Motors and will appoint a member to the board of directors.
“McKenna Long & Aldridge’s unique experience in trans-border regulatory and transactional matters, coupled with our deep ties to Canada, enabled us to help the government of Canada successfully achieve its goals and save jobs vital to the country’s economy,” said former Ambassador to Canada Gordon Giffin, now a Partner at MLA. “The collaborative investments by the two governments represent a new model for continental partnership to ensure the efficiency of our integrated economies in a new era.”
About McKenna Long & Aldridge
McKenna Long & Aldridge LLP is an international law firm with 475 attorneys and public policy advisors. The firm provides business solutions in the areas of environmental regulation, international law, public policy and regulatory affairs, corporate law, government contracts, intellectual property and technology, complex litigation, real estate, energy, and finance. To learn more about the firm and its services, log on to http://www.mckennalong.com.
SOURCE McKenna Long & Aldridge LLP