Quote:
Originally Posted by BigRigMike
This sounds like this is a clean up bankruptcy. All of the major players have agreed to concessions and declaring bankruptcy is so that they can have a judge force concessions from the smaller players. The major banks (JP Morgan, Citi) have written off $5 billion of debt and the UAW has agreed to concession now they just need to get the smaller debt holders to agree.
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Problem is that the smaller players can't afford it as well as the main players. No bailout for the small guys.