F e a t u r e
After Lehman, GM and Chrysler, what does a successful Chapter 11 filing look like?
Live or
Let Die?
Jacob Barron
2008 and 2009 could go down in history as the two biggest years for bankruptcy in all of American history.
It may be for the most ignominious and unpleasant reasons, but it’s not unreasonable to think that the
events of these two recessionary years will ripple out into future proceedings large and small, and fundamentally frame the debate of any future legislation. The Lehman Brothers filing was as notable for its
record-setting $600 billion size as it was for the speed at which it was executed. The same held for General
Motors and Chrysler LLC in 2009; the two American automakers seemed to suddenly file for bankruptcy,
then exit just as quickly.