Officials Deny Reports Obama's Team Is Exploring Prepacked Bankruptcy Plan for Automakers (GM, F)
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According to CNBC, officials are denying reports that the Obama transition team is exploring a prepackaged bankruptcy plan for the automakers.
Earlier, Bloomberg reported that President-Elect Barack Obama's transition team is exploring a swift, prepackaged bankruptcy for automakers as a possible solution to the crisis. The report suggested the Obama team has already contacted at least one bankruptcy law firm to set-up a call with Daniel Tarullo, the head of Obama's economic policy working growth.
Yesterday, lawmakers decided to delay the automaker bailout vote until December, demanding that the automakers show exactly how they would use federal funds to transform their industry.
Stocks: General Motors (NYSE: GM), Ford (NYSE: F), Lear (NYSE: LEA), American Axle (NYSE: AXL).
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