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U.S. President Barack Obama's task force on the auto industry has hired a bankruptcy lawyer to advise it on its options.
The task force hired Matthew Feldman, a partner in the business reorganization and restructuring department at New York law firm Willkie Farr & Gallagher, the law firm said in a news release Friday.
Feldman will be advising U.S. Treasury Secretary Timothy Geithner and Lawrence Summers, the director of the National Economic Council, on reorganization efforts by auto manufacturers and suppliers, Willkie said in a statement.
He will leave the firm by the end of March to start his position in Washington, according to Willkie.
The U.S. government has also been working with bankruptcy and restructuring lawyers at law firms Cadwalader, Wickersham & Taft and Sonnenschein, Nath & Rosenthal, as well as turnaround specialists at investment bank Rothschild. Those advisors have been working with officials on the taxpayer-backed restructuring of General Motors and privately held Chrysler.
General Motors shares [ GM 0.1 
+0.0 (+0.00%) ] fell almost 12 percent in after hours electronic trading after the news. Shares of Ford Motor [ F 11.15 +0.18 (+1.64%) ] were also lower.
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