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In response to
"Doesn't Chapter 11 require you to be able to work through the reorganization"
by
sgtmike
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That's one of the arguments against bankruptcy
Posted by
Brian (aka trav007)
Nov 17 '08, 11:05
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That GM, Ford, and Chrysler can't obtain debtor in possession financing.
If the government is going to bail them out, it will need to be a de facto bankruptcy--shareholders (or for Chrysler, Cerberus Capital) get wiped out, bondholders get hit, union contracts get changed (or thrown out), and the top management and boards of all 3 get fired.
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