Lessons Learned: Jack Bulter
Jack Butler, who is one of the most well-respected bankruptcy and restructuring attorneys in the country, served as the outside chief legal counsel for Delphi in its negotiations with General Motors and President Obama’s Task Force on the Auto Industry during the Global Financial Crisis of 2007–09. In 1999, Delphi was spun off from General Motors (GM) into an independent company. It was the one of the largest auto parts suppliers in the world and a major supplier to GM, Chrysler, Ford, and other manufacturers. Because of the interconnected nature of the auto industry and residual claims between Delphi and GM, when the three auto manufacturers sought assistance from the government in 2008, Delphi became a critical player in the Auto Task Force’s efforts to restructure the failing auto industry and save millions of jobs. Butler advised Delphi when it filed for Chapter 11 bankruptcy in 2005 (a process that fell apart in early 2008) and orchestrated three reconstructions of the company before they emerged from bankruptcy in 2009. This “Lessons Learned” is based on an interview with Mr. Butler.