AUDIO – For the automakers — No Chapter 11, please

February 23, 2009

The plans are in.

Now comes the waiting, which, as Tom Petty can tell you, is the hardest part.

Now that General Motors Corp and Chrysler LLC have filed their plans of reorganization to the U.S. government and have started what looks like a long and not-painless process to make themselves smaller, more profitable and better suited to the current U.S. demand for new cars.

For Bill Diehl, chief executive of manufacturing consulting firm BBK, one thing that he would not favor would be a Chapter 11 bankruptcy filing by one of the two troubled automakers.

Diehl, speaking at the annual Reuters Manufacturing and Transportation Summit, said it is unclear to him how the automakers would get through what would be a particularly tricky process of trying to reorganize themselves under Chapter 11.

The Reuters Summit program is in its fifth year, and in 2009 will include top-level executives from  industries and sectors including everything from Infrastructure; to Mining; to Investing in India, China, Japan and Russia; to Food and Beverages.

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If gasoline prices are allowed to go as high as last year, you can garentee a depression in this country worse than 1929. Lets see whats more important in this country, gas companies making billions in profit or the welfare of the whole country.

Posted by dan | Report as abusive