Press Release

06/11/09 - Vedder Price Advises Export Development Canada in Auto Industry Bailout

Bankruptcy and Finance Team Handle U.S. Legal Issues Relating to Loan Transaction for Canadian Government

[New York, June 11] The law firm of Vedder Price is representing the interests of Export Development Canada (EDC) in the United States in its efforts to shore up both Chrysler and General Motors in the massive reorganization of the two corporations.  A crown corporation owned by the Government of Canada, EDC has injected multi-billions of dollars in terms of Debtor-in-Possession financing and other secured loans into these transactions.

In a recent statement issued by the EDC, the Government of Canada has committed $3.8 billion to Chysler “to assist them as they restructure” and $9.5 billion to General Motors “to help them manage through the bankruptcy protection and emerge as a stronger and viable company.”

The Vedder Price team includes Bankruptcy Group shareholders Michael Edelman and Michael Schein, Finance shareholders Paul Hoffman, Thomas Schnur and Tax Shareholder Timothy O’Donnell.  Associates on the team include Venu Talanki and Erin Zavalkoff-Babej.

• Bankruptcy and Creditors' Rights
• Finance and Transactions

• Michael J. Edelman
• Paul R. Hoffman
• Timothy W. O'Donnell
• Michael L. Schein
• Thomas E. Schnur
• Venu V. Talanki