Barack Obama is well known for pursuing the middle ground on a range of issues, from abortion to health care. How fitting is it that his team is now exploring a pre-packaged bankruptcy deal for the small 3?
The thought is, if an automaker goes into chapter 11 (restructuring) nobody will buy the cars since the warranties are in question, and this will force them into chapter 7 (liquidation). This would allow them to restructure over a much shorter period of time, perhaps as little as 6 months, which could prevent a complete collapse.
2008-11-21
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1 comment:
That's a good idea.
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