July 30, 2014
WASHINGTON (AP) - The White House says a managed bankruptcy for automakers is one option being considered to help save the troubled industry.
White House press secretary Dana Perino told reporters Thursday that "we're going to do something."
The Bush administration wants to avoid what it calls a "disorderly collapse" of car companies that would result in devastating job losses and sweeping economic problems.
Perino says the White House is very close to a decision. But she did not put a timetable on when an announcement would be made, or even whether it would come this week.
Setting up a so-called managed bankruptcy would be complicated, involving talks with not just automakers but unions and other stakeholders.
(Copyright 2008 by The Associated Press. All Rights Reserved.)