I'm in favor of Chapter 11 for all 3 companies with the US providing the debtor in possession financing
Posted by
Brian (aka trav007)
Nov 20 '08, 07:37
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if, and only if, the bankruptcies are pre-packaged and the following things happen:
1. The shareholders (and for Chrysler, Cerberus) are completely wiped out.
2. The bondholders get a serious haircut.
3. Wages and benefits are reduced down to about where other non-Detroit manufacturers are.
4. Most dealerships go out of business.
5. The boards of all 3 companies, along with the top management of all 3, are fired.
6. The government backs warranties on cars sold by the Detroit 3.
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