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<blockquote data-quote="roadrunner2012" data-source="post: 1188729" data-attributes="member: 40736">December 18, 2008: President Bush announced that an &quot;orderly&quot; bankruptcy was one option being considered for both General Motors and <a href="http://en.wikipedia.org/wiki/Cerberus_Capital_Management" target="_blank">Cerberus</a>-owned <a href="http://en.wikipedia.org/wiki/Chrysler_LLC" target="_blank">Chrysler LLC</a>. Sources said that setting up this type of &quot;orderly&quot; bankruptcy would be complicated because it would not only involve talks with the automakers, but also the unions and other stakeholders would have to be involved.December 19, 2008: President Bush approved a bailout plan and gave General Motors and Chrysler $13.4 billion in financing from TARP (<a href="http://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program" target="_blank">Troubled Assets Relief Program</a>) funds, as well as $4 billion to be &quot;withdrawn later.&quot;</blockquote>

[QUOTE="roadrunner2012, post: 1188729, member: 40736"] December 18, 2008: [B]President Bush[/B] announced that an "orderly" bankruptcy was one option being considered for both General Motors and [URL="http://en.wikipedia.org/wiki/Cerberus_Capital_Management"]Cerberus[/URL]-owned [URL="http://en.wikipedia.org/wiki/Chrysler_LLC"]Chrysler LLC[/URL]. Sources said that setting up this type of "orderly" bankruptcy would be complicated because it would not only involve talks with the automakers, but also the unions and other stakeholders would have to be involved. December 19, 2008: [B]President Bush[/B] approved a bailout plan and gave General Motors and Chrysler $13.4 billion in financing from TARP ([URL="http://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program"]Troubled Assets Relief Program[/URL]) funds, as well as $4 billion to be "withdrawn later." [/QUOTE]

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