General Motors and Chrysler may be strongly opposed to a Chapter 11 bankruptcy filing, but the U.S. Treasury Department could be planning to force their hand in the matter. Per a new report, the Treasury Department is readying a $40 billion financing package, should either of the Detroit automakers file for bankruptcy protection.
A person close to the situation revealed to Bloomberg that “everything is on the table†for GM and Chrysler, including possible Chapter 11 filings for both companies. President Obama wants all scenarios to be planned out, but is reportedly keeping bankruptcy talks quiet as to not upset the UAW… More info
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