GM, Chrysler considering bankruptcy to get U.S. bailout
Güncelleme Tarihi:
U.S. car manufacturers, General Motors Corp and Chrysler LLC, are considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multi billion dollar government bailout, a person familiar with internal discussions told Bloomberg.
In response to the automakers' bailout plea, staff for three members of Congress asked restructuring experts if a pre-arranged bankruptcy -- negotiated with workers, creditors and lenders -- could be used to reorganize the sector without liquidation, Bloomberg said.
General Motors and Chrysler did not make an immediate comment.
Industry executives and analysts say the immediate carnage from a bankruptcy of General Motors Corp, Ford Motor Co or Chrysler would spread throughout an industry that is bleeding cash in a global slowdown.
GM, Chrysler and Ford Motor Co asked for a $34 billion bailout package, about a third larger than the $25 billion Energy Department loan program the White House has previously supported to finance more fuel-efficient cars. Democrats in Congress, led by House Speaker Nancy Pelosi, pledged to keep carmakers out of bankruptcy.
Negotiations currently are splintered among small groups, making it unlikely that a proposed solution such as bankruptcy would emerge until next week at the earliest, the person briefed on internal talks told Bloomberg.
GM's failure alone would mean more than $200 billion in interest-bearing debt at the carmaker and its GMAC financing arm could be worthless for countless retirees and taxpayers, further upsetting consumption patterns.