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Report: GM Told To Prepare For Bankruptcy

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Apr 13, 2009 7:15 am US/Pacific

Report: GM Told To Prepare For Bankruptcy

 CBS News Interactive: About Detroit's Big 3 Bailout

NEW YORK (CBS) ― General Motors has been told to prepare for bankruptcy by the U.S. Treasury Department, according to a report in Monday's New York Times.

The decision comes after President Obama's automotive task force spent last week in talks with the struggling automaker. "The goal is to prepare for a fast 'surgical' bankruptcy, the people who had been briefed on the plans said," the newspaper reported.

Treasury's decision is aimed at making sure GM's bankruptcy plan is in place should it fail in negotiations with bondholders over the company's $28 billion debt, the newspaper reported.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

© MMIX, CBS Broadcasting Inc. All Rights Reserved.