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Car Manufacturer Facing Legal Challenges during Bankruptcy

Even though a leading car manufacturer filed for bankruptcy in 2009, there are still many financial and legal issues that the company has to contend with.

After working with the Illinois Attorney General, the trust has agreed to set up a fund, worth $2.8 million, solely to dispose of switches that contain mercury. This hazardous material was used to make switches before the company filed for bankruptcy and has been an issue of contention due to environmental concerns. The funds were appointed for the purpose of retrieving car parts that may be hazardous. The retrieval effort will limit exposure to mercury which can cause liver and kidney damage.

The new version of the company was established in 2009 after a government buyout helped the car manufacturer reorganize itself. The $50 million bailout made waves for not only using taxpayers' money to help a private company, but also due to the government's 26% ownership of the organization. After all of the paperwork has been completed, the old car manufacturer will be completely out of business.

Business bankruptcy can be a tough legal matter which is why people are advised to hire a Chicago bankruptcy attorney. If your business needs legal assistance during the bankruptcy process, contact Bizar & Doyle, LLC today!
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123 W. Madison Street, Suite 205; Chicago, IL 60602
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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100