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Politics : The Obama - Clinton Disaster
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To: HPilot who wrote (11974)4/29/2009 8:38:52 AM
From: DuckTapeSunroof  Read Replies (1) of 103300
 
Re: "IMO Chrysler would be better off with a traditional bankruptcy."

If they don't get 100% agreement to the debt restructuring offer from the secured lenders (essentially a faster planned bankruptcy without a bankruptcy court) then they WILL BE in bankruptcy court real fast... where pretty much the exact same things will happen.

I, too, believe that the power of a federal bankruptcy court is probably required for this (& especially for GM), because that is the EASIEST WAY to break all the contracts that you need to break to reduce the overhead debt that burdens these companies.

Federal bankruptcy judges do NOT NEED "100% agreement" from ANY of the debt or contract holders, (not the dealers, the pensioners, the banks, etc.) :-)
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