In exchange for a Multi Billion Dollar Bailout under a plan circulating in Congress the government would order a major restructuring of GM Ford & Chrysler – Detroit’s struggling Big Three Auto Companies.
Any government aid might be ” highly conditional ” and only occur after a
- Replacement of current management
- Concessions from both the UAW and automakers
- A Wipeout of Existing Equity and Debt holders
- Nationalization of the Auto Industry to include a ” Car Czar “
A Government-run restructuring would include Massive Downsizing and Labor Givebacks.
Restructure – Reorganize – Get Rid of the Union Contracts bringing them down – A New Business Model and Move Forward
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