Monday, March 16, 2009

Obama Administration Hoping to Avoid Auto Bankruptcies

by Bill McBride on 3/16/2009 09:58:00 PM

From the WSJ: Obama Seeks to Avoid Auto Bankruptcies

The leaders of President Barack Obama's auto task force are focused on restructuring General Motors Corp. and Chrysler LLC outside of bankruptcy court ...
...
"It sometimes becomes a necessary place for some companies, but it's certainly not a desired place and it is certainly not our goal to see these companies in bankruptcy, particularly considering the consumer-facing nature of their businesses," [Steven Rattner, a private-equity executive leading the team] said in an interview.
...
By the end of the month, the government plans to lay out its view on the companies' viability and what the industry should look like in future years, Mr. Rattner said.
Meanwhile: Chrysler Presses Request for Loans. Just another $5 billion by the end of the month ...