'Orderly' auto bankruptcy is option: White House
Last Updated: Thursday, December 18, 2008 | 11:36 AM ET
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The White House is considering an "orderly" bankruptcy for car companies as one of the options it is examining for the industry, according to a spokeswoman for U.S. President George W. Bush.
The Bush administration wants to avoid a "disorderly collapse" of the sector, Dana Perino told reporters on Thursday.
There is an "orderly way to do bankruptcies that provides for more of a soft landing," Perino said.
"That would be one of the options. I'm not saying that is necessarily what would be announced," she said, according to Reuters
Perino said the White House is close to deciding what form a bailout may take.
The White House is putting a bailout package together after the U.S. Senate voted down an earlier attempt at bailing out the cash-strapped Detroit Big Three — General Motors, Ford and Chrysler.
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