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Obama auto task force: Bankruptcy not our goal on Mon Mar 16, 2009 3:27 pm
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WASHINGTON – The lead adviser to President Barack Obama’s automotive task force said today that bankruptcy was “not our goal” for the automakers, and indicated the panel wanted to aid auto suppliers facing imminent collapse.
In an interview with the Free Press, Steven Rattner also said the panel was committed to meeting the March 31 deadlines set by the loan deals with General Motors Corp. and Chrysler LLC, but decisions on additional aid could come later. He also offered some critique of bondholders for their position in the restructuring, and said the task force was doing everything it could to save jobs.
“Bankruptcy is not our goal,” said Rattner, a Wall Street dealmaker who was brought in by Treasury Secretary Tim Geithner to help oversee the task force. “I’ve been in and around bankruptcy for 26 years as part of my private-sector work. It is never a good outcome for any company, and it’s never a first choice."
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In an interview with the Free Press, Steven Rattner also said the panel was committed to meeting the March 31 deadlines set by the loan deals with General Motors Corp. and Chrysler LLC, but decisions on additional aid could come later. He also offered some critique of bondholders for their position in the restructuring, and said the task force was doing everything it could to save jobs.
“Bankruptcy is not our goal,” said Rattner, a Wall Street dealmaker who was brought in by Treasury Secretary Tim Geithner to help oversee the task force. “I’ve been in and around bankruptcy for 26 years as part of my private-sector work. It is never a good outcome for any company, and it’s never a first choice."
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