- Dec 18, 2008
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]