Obama suggests 'prepackaged' bankruptcy for carmakers

Carleton Bryant The Washington Times - November 21, 2008, 08:33AM

President-elect Barack Obama is suggesting a “prepackaged” bankruptcy for Detroit automakers as an alternative to an outright bailout, Bloomberg is reporting.

A prepackaged deal would allow the bankruptcy to become final in six to 12 months instead of years.

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It sounds like one of those “special” financing deals that a car salesman has to discuss with his manager in the back room. Hope they include the undercoating.

About the Author

Carleton Bryant

Carleton Bryant is a senior editor at The Washington Times, where he oversees the National and Metropolitan desks. He also serves as the newsroom’s internship coordinator. He has served as an assistant managing editor; a National, Metropolitan and Features desk editor; an assistant National desk editor; and a reporter on the National and Metro desks.

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Obama suggests 'prepackaged' bankruptcy for carmakers

About the Author

Carleton Bryant

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