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Old 12-19-2008, 12:58 PM   #18
Scooby Specialist
Member#: 77106
Join Date: Dec 2004
Chapter/Region: South East
Location: Lexington, SC
'02 Brodozer
'11 Outback 3.6R


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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