Washington's determination enabled GM's restructuring to happen quickly, says Tony DeMarinis in Canadian Lawyer

Assembly Line

August 04, 2009

The springtime remodelling of General Motors of Canada was remarkable for a number of reasons – its scale, rapidity and complexity. As befitting a corporation that was always among the country’s top five companies in terms of revenue, the huge downsizing required the approval not only of government but also of its powerful union, creditors and members of its extensive dealer network.

Getting Chrysler – and to a greater extent, GM – back on the right financial track appeared daunting, says Tony DeMarinis, who led Torys' team representing General Motors Acceptance Corp. "I had therefore expected at the outset that this would have been a very difficult, complex protracted [and] lengthy process, with potentially a lot of contentious issues played before the courts. It became pretty clear as we headed toward the finish line that there was an overwhelming determination and will coming out of Washington that [the GM] restructuring happen and that it happen quickly."

Torys also represented Canada Development Investment Corporation, the Crown corporation that holds Canada’s equity in the restructured Chrysler and GM entities, with a team of lawyers led by Patrice Walch-Watson.

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