Wilbur Ross on GM: 50-50 Chance of Bankruptcy
Wilbur L. Ross Jr. knows his way around a restructuring. For more than two decades he worked at investment bank Rothschild as an adviser to the creditors and stockholders of such blowups as Eastern Air Lines and Texaco. Now he runs his own investment group, WL Ross, which has stakes in a host of distressed properties, from Indian textile companies to a Florida community bank. Ross' firm is best known for its roll-up of the damaged U.S. steel makers LTV and Bethlehem Steel, which were eventually sold to ArcelorMittal (MT) for a tidy profit in 2005. Now one of Ross' largest holdings is International Automotive Components, a $3 billion-plus company cobbled together from parts of troubled car-parts makers Collins & Aikman and Lear, which has him closely watching the drama in Detroit.
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