General Motors Chapter 11 reorganization preferred court. Normally for such cases, the company would have filed in the courts located in the state(s) where the company is incorporated, or where it conducts operations, which for Detroit-headquartered General Motors would have been the courts in Michigan or Delaware, where it is incorporated. General Motors' attorneys, however, preferred to file in the federal courts in New York, because those courts have a reputation for expertise in bankruptcy. In a press conference later that day, the GM Chief Executive Officer, Fritz Henderson, stressed that he intended for the bankruptcy process to move quickly. In addition to Mr Henderson's
Chrysler 1987, Chrysler acquired American Motors Corporation (AMC), which brought the profitable Jeep brand under the Chrysler umbrella. In 1985, Chrysler entered an agreement with AMC to produce Chrysler M platform rear-drive, as well as Dodge Omnis front wheel drive cars, in AMC's Kenosha, Wisconsin plant. In 1987, Chrysler acquired the 47% ownership of AMC that was held by Renault. The remaining outstanding shares of AMC were bought on the NYSE by August 5, 1987, making the deal valued somewhere between US$1.7 billion and US$2 billion, depending on how costs were counted. Chrysler CEO Lee Iacocca wanted the Jeep brand, particularly