Obama Camp Denies Pre-Packaged Chapter 11 Plan For Detroit

Batmobile512So much for the Bloomberg report that the new administration would set up a pre-packaged bankruptcy for GM (GM) and perhaps other car companies.

According to Reuters, President-elect Barack Obama’s transition team is not exploring a prepackaged bankruptcy plan for U.S. automakers, officials from Obama’s team said on Friday.

Douglas A. McIntyre