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insightariot posted: 22 Aug at 8:54 pm
Yes, just like what Circuit City just did.
Stew S posted: 26 Aug at 12:16 am
Yes that is true but the damage done from just filing chapter 11 bankruptcy can in itself cause them to go out of business.
While a lot of debts are wiped out and the company gets back on its feet a lot of its suppliers are then hesitant to do business with them. They themselves are not in business to lose money.
Bankruptcy is not a free easy out card.
OH NO, A THUMBS DOWN posted: 26 Aug at 4:48 am
lose money, lose money, lose money. What about the businesses that are losing money? What happens to them?
PB&J posted: 28 Aug at 3:35 am
I believe that it has to do with the fact that Democrats don’t want the unions to lose their hold on the auto industry.
Oft Suspended posted: 28 Aug at 5:36 am
All contracts are voided in a bankruptcy proceding. This would include the UAW contract with an auto manufacturer. How a company comes out of bankruptcy depends on the rulings in court. The auto companies might stay in business, or might liquidate.
mooyang posted: 28 Aug at 11:30 pm
You’re right — but this represents the “nuclear option” for the UAW, and they will go to any lengths to prevent it.
deacon666smirk posted: 30 Aug at 12:12 pm
Not entirely true. There have been businesses that have restructured under Chap 11 and prospered. There have been businesses that have failed while under Chap 11 protection. No guarantees.
legalchick791 posted: 31 Aug at 4:40 am
Yes, I do know that, but I’m sure some needed clarification.
mutantalbino posted: 31 Aug at 10:42 pm
But it does not pay off union endorsements for votes so it will not work.
Killer Queen posted: 04 Sep at 5:22 am
Right. Also your ability to get credit or expand in any way is severely limited for quite a long time. That is just so that companies don’t do the exact same thing over again but that alone can break a business.
Danielle F posted: 06 Sep at 1:47 am
Yes but US auto filing chap 11 is a major restructure and would still effect the US economy greatly.
ahlee123@verizon.net posted: 09 Sep at 11:10 am
Yes but the damage will still be extensive, and the question of whether or not recovery is possible will still be there…
volleyballchick posted: 10 Sep at 7:19 am
If you file for Chapter 11, you are asking for protection from your creditors, as well as more time to pay off your debt. You still owe the money that you owe, you just get time to formulate a plan to pay it off.
You have to submit a logical plan to pay off all the creditors that you owe, and a court has to accept it and find that it is a plan that can work within a given time frame. It doesn’t give you a free pass on anything.
And while going there, why didn’t AIG file Chapter. 11? Hell, why did we give Wall Street this bail out plan in the first place? Why not give each tax payer the $8,000 instead of asking them to pay it in addition so the corporate execs that vote Republican can still collect their checks??
addition:
And you only get one time to file Chapter 11 – after that, you are done. So if they filed in the past, they may not have that option. I know that Chrystler doesn’t – they filed way back when.
Fish <>< posted: 13 Sep at 3:49 pm
Between now and 2012, can the US file bankruptcy? Because we will be!
Calvin posted: 14 Sep at 11:37 pm
They are bleeding billions a month, with absolutely no end in sight. 25 billion isn’t even a band aid to these companies problems. They are likely going out of business with or without a bailout, and with a restructure or not.