Visions Of Auto Bankruptcies Haunt Industry

Law360, New York (December 12, 2008, 12:00 AM EST) -- Even as the White House signaled its interest in throwing at least a temporary lifeline to struggling U.S. automakers after a last-ditch effort to pass bailout legislation failed in the Senate, the specter of a future bankruptcy lingered.

General Motors Corp. is in a particularly precarious position, and the company has cautioned that it likely will have trouble paying bills after the first of the year. GM has said it needs at least a $4 billion loan by the end of the year and another $4...
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