Cars and Drivers
Wilbur Ross: Auto Bankruptcies Won't Work
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Restructuring expert Wilbur Ross says that car companies should stay out of Chapter 11. A bankruptcy of one of the firms would push large parts of the economy into depressions.
According to Bloomberg, “If we were in a different overall economic environment, one of them going down wouldn’t necessarily kill” the industry, he said. A weakened economy and frozen debt markets make an automaker bankruptcy impossible, with a Chapter 11 filing for reorganization resulting in liquidation instead, Ross said.
Douglas A. McIntyre
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