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Obama Team Denies Pursuing Big 3 Bankruptcy Plan

Law360 (November 21, 2008, 12:00 AM EST) -- A day after U.S. lawmakers asked General Motors Corp., Chrysler LLC and Ford Motor Co. to turn over detailed business survival plans before Congress could consider giving the Big Three a $25 billion bailout, President-elect Barack Obama's transition team reportedly has said it is not exploring a prepackaged bankruptcy plan for the fledgling automakers.

Officials from Obama's team quickly denied reports that surfaced Friday morning that the transition team had contacted at least one bankruptcy law firm to discuss a prepackaged deal as an alternative to...
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