by Bill McBride on 12/15/2008 12:40:00 PM
Monday, December 15, 2008
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,It sounds like the administration might be considering some sort of prepackaged bankruptcy, with the government providing DIP (debtor-in-possession) financing.
"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."
Posted by Bill McBride on 12/15/2008 12:40:00 PM