Updated from Thursday, Dec. 11
The Wall Street Journal, citing people who had knowledge of the situation, said GM has retained Harvey Miller of the law firm Weil Gotshal & Manges in New York. Additionally, the Detroit-based carmaker has consulted with restructuring experts Jay Alix, Evercore Partners' William Repko and Blackstone's (BX - Get Report) Arthur Newman, the report said.
GM, along with Ford (F - Get Report) and Chrysler, has been trying to get Washington to hand out billions of dollars in aid to the auto industry. But a $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts.Detroit's carmakers have said repeatedly in recent weeks that they are opposed to Chapter 11 filings, and many politicians have been on their side, fearing that bankruptcy for any of the Big Three would have far-reaching consequences for nationwide employment and the overall economy.