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Old 12-19-2008, 12:58 PM   #18
e11ys
Scooby Specialist
 
Member#: 77106
Join Date: Dec 2004
Chapter/Region: South East
Location: Lexington, SC
Vehicle:
'02 Brodozer
'13 Golf TDI

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Quote:
Originally Posted by jhargis View Post
"must have thorough plans in place by March 31 or the loans will have to be repaid and the automakers will be forced into a controlled chapter 11 bankruptcy."

They're operating in the red, so they will not be able to pay back 17.4 billion in 3 months... Even foreign automakers are not posting these kinds of gains. Why not just save 17.4billion and set up that controlled ch. 11 now instead of stringing them out for a while until they file for it at the end of March?
It was my understanding that they must prove that they have a viable plan by March. If not, they have to repay the loans. So basically, here's a loan to get yourself on your feet. If you can't do it, pay it back (aka: go into bankruptcy).
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