Location: The Heritage Foundation's Lehrman Auditorium
General Motors and Chrysler are on the brink of insolvency, with
their prospects for a quick recovery fading, despite receiving a
more than $20 billion bailout less than two months ago. Taxpayers,
say prominent financial attorneys, will probably never see that
money repaid, and the companies say they'll need billions more in
taxpayer dollars to make it through the year. There is a better
solution to Detroit's woes: bankruptcy. Far from being an end,
bankruptcy presents the opportunity for the beleaguered automakers
to get a fresh start, free from crippling debt, untenable labor
agreements, and obsolete distribution models. It is the only clear
path to financial sustainability. To understand how to help the
auto industry, policymakers need to know what's holding it back,
the benefits and challenges of going through bankruptcy, and how to
avoid interventions that actually retard progress.
More About the Speakers
Featuring Remarks by:
Paul Ingrassia
Former Detroit Bureau Chief,
Wall Street Journal and Co-Author,
Comeback: The Fall and Rise of the American Automobile
Industry
Douglas M. Foley
Chairman,
Restructuring and Insolvency,
McGuireWoods LLP
Andrew M. Grossman
Senior Legal Policy Analyst,
Center for Legal and Judicial Studies,
The Heritage Foundation
Hosted By
James Gattuso
Senior Research Fellow in Regulatory Policy
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