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"Our objective here is to invest in the restructured company," he said.
The city has also demanded that the company work to pay other vendors and present "a restructured company and management team," or the city will terminate its contract.
The government would put in another $9 billion, bringing its investment in G.M. to that of the bondholders, but would own half the restructured company.
Most firms get second chances: in only 83 out of 569 cases did a restructured company fail to emerge from bankruptcy.
Under the plan, AMF's secured lenders owed about $622.6 million, which would be paid in cash, debt and new shares in the restructured company.
AT&T's Long Lines division once occupied most of the structure, but the restructured company had no future need for all 1.2 million square feet.
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In other industries, like steel, private-equity firms have restructured companies, cut back on (or, via bankruptcy, eliminated) pension and health-care obligations, and watched profits soar.
Having restructured companies himself, he has no trouble with Mr Romney's private-equity work but agrees with Occupy Wall Street that corporations have too much power.Until recently he split his time between conservative Charlotte, North Carolina, and liberal Washington, DC.
After 11 years she left to start her own consulting firm, which specializes in restructuring companies.
Gordon Brothers, a Boston-based firm that advises restructuring companies, will also assume an unspecified amount of debt.
The firms collect an annual management fee equal to 2 percent of the fund during the period it is buying and restructuring companies.
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