General Motors Should Pursue Prepackaged Bankruptcy, Says Lawyer

With General Motors reportedly having reviewed -- and subsequently ruled out -- the option of a traditional Chapter 11 filing, some observers believe there is another option to consider: a prepackaged bankruptcy. In a "prepack," debtor's counsel negotiate agreements with creditors prior to an actual filing for Chapter 11 protection. The Am Law Daily caught up with Ropes & Gray bankruptcy and restructuring co-head Mark Bane to hear about the possible alternative method of going bust.