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Why auto executives are ruling out going bankrupt
Slashing of jobs, shredding of benefits still would offer no guarantee of survival
November 10, 2008
Over more than a century, Detroit's autoworkers have survived two world wars, recessions and oil spikes, but a bankruptcy by a U.S. automaker would finally knock their destiny out of their hands.
Despite vows by top officials to avoid bankruptcy, fear is high that dwindling cash reserves could push one or more of Detroit's three automakers into court protection within the next several months. Even a hypothetical glimpse of the consequences shows why executives insist bankruptcy is not an option.
The fallout would likely range from thousands of jobs cut at factories and offices to the slashing of jobs at suppliers and dealers, the shredding of benefits for workers and losses for investors and pension plans.
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Why auto executives are ruling out going bankrupt | Freep.com | Detroit Free Press
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