White House considers 'orderly' bankruptcy for GM and Chrysler

[Birdman]

WASHINGTON 18 December: The White House said Thursday that an "orderly" bankruptcy was one option being considered to try to rescue General Motors and Chrysler, which are seeking billions of dollars to avoid a shutdown.

"Disorderly collapse would be something very chaotic that is a shock to a system," President George W. Bush's spokeswoman Perino said Thursday at a news briefing. "There's an orderly way to do bankruptcies that provides for more of a soft landing. I think that's what we would be talking about. That would be one of the options."

Perino said Chrysler's announcement Wednesday that it would shut down production for at least a month was one factor driving the White House deliberations. The car companies typically close for a couple of weeks over the year-end holidays, but Chrysler's decision to close for a month or more because of plunging sales was seen as ominous.

http://www.iht.com/articles/2008/12/18/business/auto.php

 

[mercmanuk]

why should anyone bail these large companies out at all,the directors have been milking the profits for years so let them plough some money back in,reminds me of our railway system.

 

[Adam230K]

The only negative thing i see in this is that there wont be any more crap cars for top gear to rip to shreds regarding build quality.