GM, Chrysler Bankruptcy Not Obama Task Force Goal

By: Associated Press
By: Associated Press

A top adviser to President Barack Obama's auto industry task force says bankruptcy is not the goal of the government's efforts to restructure General Motors Corp. and Chrysler LLC.

Steven Rattner told The Associated Press on Monday that the auto panel is "very focused on solving the problem, not on filing for bankruptcy."

Rattner said in an interview that the government can't solve all the problems faced by stakeholders such as the United Auto Workers union, bondholders and suppliers.

GM and Chrysler have received a combined $17.4 billion in government loans to stave off bankruptcy and have requested billions in additional aid.

Rattner says he expects more work to be done with the companies after a March 31 deadline.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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