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A Bridge Loan? U.S. Should Guide G.M. in a Chapter 11

New York Times Original article ›

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As the Bush administration and Secretary Paulson look at Chapter 11 though acarefully arranged and orchestrated process with government support oversight and backing, Sorkin of NYT outlines how this would happen. It would clearly avoid Chapter 7 and be an orderly and organized process with warranty backing and debtor in possession financing. And echoing a lot of public sentiment on this issue Sorkin calls Wagoner's effort to say with a straight face that he still should run the company is laughable. It was his neglect of some of the important decisions that needed to be made that have created this situation and no serious changes can be made with current management and board.

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