FYI:
Mitt Romney, who has had success revamping corporate finances and is credited with turning around the 2002 Winter Olympics in Salt Lake City, in a New York Times opinion piece, stated he too believes, if General Motors, Ford and Chrysler get the bailout the companies have sought from the federal government, "you can kiss the American automotive industry goodbye … Its demise will be virtually guaranteed."
He basically reiterated what chevydude26's article stated, saying, "The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk."
He ended the piece with, "In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check."
Makes pretty good sense to me. I think I'd look at them as a more viable, long term company
if in chapter 11, and I'd definitely still buy a car from them.
2SS/RS Black/Black w-Cyber Gray stripes/Auto ordered-10/18/08