Bush looking into 'Orderly Bankruptcy' for Detroit, as opposed to...?
White House spokesperson Dana Perino said during the press conference that "...the president is not going to allow a disorderly collapse of the companies... [it] would be something very chaotic that is a shock to a system. There's an orderly way to do bankruptcies that provides for more of a soft landing." Perino quickly added that no final decision has been made.
The plan would likely include major banks providing debtor-in-possession financing for GM and Chrysler (Ford isn't part of the plan), and would require serious concessions from the UAW, stakeholders, suppliers and investment banks.
[Source: New York Times]
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