General Motors, Ford and Chrysler Bankruptcy Deal Update

Could we see the big three U.S. automakers General Motors, Ford and Chrysler shut their doors if they do not sort out a deal with sceptical lawmakers. All three have run in to fresh obstacles, while appealing with rising urgency as they face bankruptcy.

The big three, General Motors, Ford and Chrysler have been asking lawmakers for a $34 billion bailout. One senator said “we’re looking at a death sentence.” Lawmakers for both parties have been putting the automakers under pressure, as they want them to consider a pre-negotiated bankruptcy, something that the automakers are not happy with.

The three U.S. automakers were contemplating a government-run restructuring, which would have much of the same results as bankruptcy. If the deal goes ahead, General Motors, Ford and Chrysler will see massive downsizing.

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