Apparently the Bush administration has rejected that “orderly” bankruptcy for GM and Chrysler it was considering:
While the option of placing Chrysler and GM into a prearranged bankruptcy has been considered, the administration decided that such a move would put Ford at a competitive disadvantage, the person said.
The companies will instead get loans to keep them solvent until Papa Barack can take the helm and preserve union wages while gently guiding the Detroit three into their green future.