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Tuesday, March 31, 2009

Obama wants GM bankrupt: report

President Obama wants GM and Chrysler to file for bankruptcy, says Bloomberg News, citing unnamed members of Congress and other sources. Obama "has determined that a prepackaged bankruptcy is the best way for General Motoers Corp. to restructure and become a competitive automaker, people familiar with the matter said. Obama also is prepared to let Chrysler LLC go bankrupt and be sold off piecemeal if the third-largest U.S. automaker can’t form an alliance with Fiat Sp." Story here.

In bankruptcy court, GM and Chrysler would likely split into "good" and "bad" companies Wall Street Journal writes here.

Posted by Joseph N. DiStefano @ 9:07 PM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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