President Barack Obama suggested that "controlled bankruptcy" might be how automakers GM and Chrysler are saved. The Wall Street Journal explains the government could "divide their 'good' and 'bad' assets" and then "bankruptcy [would] purge their biggest problems." Chrsyler was given 30 days to try to restructure on its own, while GM was given 60 days; Obama said, "It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognize that they cannot hold out for the prospect of endless government bailouts." GM would prefer to avoid bankruptcy, but said it "will take whatever steps are necessary to successfully restructure the company, which could include a court-supervised process." A Times editorial says Obama's auto team's plan seems like "the best shot we have at obtaining a viable auto industry." And the Detroit Free-Press looks at why Ford execs are smiling.
White House Plan Could Put GM, Chrsyler Into Bankruptcy
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