White House Considering "Orderly" Bankruptcy For Auto Industry

By: Associated Press
By: Associated Press
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The White House says helping automakers through an "orderly" bankruptcy is one option it's considering for rescuing the industry. But those comments are drawing negative reactions from many within the industry.

Spokesmen for Chrysler, GM and Ford pointed to earlier statements that bankruptcy would not be a workable solution.

And the National Automobile Dealers Association has a stronger reaction. Spokesman Bailey Woods reject the idea of bankruptcy "in any way, shape or form, orderly or disorderly, prepackaged or unpackaged, managed or unmanaged."

An official with the United Auto Workers says the union urged the administration in a meeting this week to follow through on provisions in a bill passed by the House but rejected by the Senate last week. It called for $14 billion in emergency aid with a government oversight of major business decisions by the automakers.

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