Meet Chrysler's Bankruptcy Lawyer, Corinne Ball
Chrysler is expected to file for bankruptcy after the collapse of negotiations with creditors that were led by the automaker’s lawyer, Corinne Ball.
The bankruptcy filing will likely be in New York, according to the New York Times.
Those who work with Ball describe her as charismatic, strong, creative and aggressive in her thinking, according to a Reuters profile. Ball co-chairs the restructuring and reorganization practice at Jones Day. She has worked on bankruptcies of auto parts supplier Dana Corp. and Drexel Burnham Lambert, as well as the Chrysler workout in the 1980s.
Sources told the Washington Post that a bankruptcy filing is imminent after a small group of hedge funds refused to go along with a sweetened offer by the Obama administration. The deal would have given secured lenders $2.25 billion in cash if they would agree to write down $6.9 billion in secured debt.
Ball graduated from George Washington University law school and began her career at Weil, Gotshal & Manges. She joined Jones Day in 2001.
The article offered these assessments of Ball:
• From Robert Profusek, head of Jones Day mergers and acquisitions practice: “She’s a very charismatic personality.”
• From Todd Snyder, a managing director in the restructuring group at investment bank Rothschild Inc.: “Corinne is one of those sort of alarmingly creative and aggressive thinkers who can bring imagination and personality to bankruptcy law.”
• From Michael Cook, head of the business reorganization group for Schulte Roth & Zabel: “She’s aggressive, she moves quickly—at 120 miles per hour. … There’s a big premium on getting things done and she does not suffer fools. You’re not going to a white-glove tea party with Corinne. She knows how to get the job done.”
• From Henry Miller, managing director and chairman of investment and restructuring firm Miller Buckfire: “She is strong like a bull. This is where her intelligence and knowledge of both law and business deals really work to her advantage.”
