McKenna Long & Aldridge LLP Represents Canadian Government in Chrysler and General Motors Deals



    
    U.S. Firm's Deep Experience in Canadian Business and Auto Industry Prove
    Critical to Completion of Cross-Border Deals



    
    WASHINGTON, Aug. 3 /CNW/ -- 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.
    


    




For further information:

For further information: Jamie Frankel of McKenna Long & Aldridge LLP,
+1-202-496-7547, jfrankel@mckennalong.com Web Site:
http://www.mckennalong.com

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MCKENNA LONG & ALDRIDGE LLP

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