The White House and top Democrats on Capitol Hill reached agreement in principle on a sweeping rescue package for the nation's auto makers ... The bill would provide short-term funds, expected to total about $15 billion ...
[A]n auto czar ... would bring together labor, management, creditors and parts suppliers to negotiate a long-term restructuring plan ... if a company and its stakeholders can't agree on a plan, the czar would be required to recommend one, including the possibility of a Chapter 11 bankruptcy reorganization.
We will have the vote tomorrow. But watch out, Republicans might block it.
Be careful, any hope of a Detroit turnaround is pure speculation. There’s no guarantee that, even with a multibillion-dollar injection, Ford, GM, or Chrysler will ever again find viability. Look how much debt they have: GM, $45 billion; Ford, $32 billion. And if they fail, the common stock will be worthless. Any money these companies have will go to debt holders first.
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