According to a report by the Wall Street Journal, the Obama administration has tapped outside advisers to begin investigating debtor-in-possession financing for Chrysler and General Motors if either (or both) need to file for Chapter 11 reorganization.

Quoting its usual unnamed sources, the WSJ reports that firms advising the Treasury Department are attempting to organize as much as $40 billion to aid in the possible reorganization, with some of the funding potentially coming from the banks that received federal aid last year. However, the financial pub's sources wanted to make it clear that the Obama administration isn't pushing for bankruptcy and neither the public nor the UAW should read too much into the new advisory board. We'll try...

[Source: WSJ | Image: Mark Wilson/Getty]


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