Monday, December 15, 2008

No Word on Auto Bailout

by Bill McBride on 12/15/2008 12:40:00 PM

From the WSJ: Treasury Still Studying Auto Rescue

The U.S. Treasury Department said Monday it has made no decisions on how to engineer a rescue effort for U.S. auto makers,
...
"We continue to assess and review the information we have received from the auto makers, and we are providing regular briefings to the White House on our thinking," [Treasury spokesman Brookly McLaughlin] said. "No decisions have been made."
It sounds like the administration might be considering some sort of prepackaged bankruptcy, with the government providing DIP (debtor-in-possession) financing.

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