If Ch 7 is necessary then it is necessary. These bailouts are getting ridiculous. Everyone has their hand out now. If GM goes out of business then other auto makers will acquire their assets and vehicles. Assuming they file Ch 7 and not 13. Now is a very difficult time to get DIP financing, that is agreed. One alternative is for them to file and reorganize (including changing union contracts) and GM gets whatever they can from bankers in a DIP and the government provides the remainder necessary as part of the DIP. This way they are covered and collect interest. If GM is unable to survive then there is a reason and it just shows the market is working as intended.

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Obama The Naive: “To those who cling to power through corruption and deceit and the silencing of dissent we will extend a hand if you are willing to unclench your fist.’’ The Iranian response? “The Great Satan now has a black face.’’